Economics

JAMB WAEC NECO Post-UTME

Senior secondary Economics for JAMB, WAEC, NECO and Post-UTME: scarcity and choice, demand and supply, the theory of the firm, national income, money and banking, public finance, international trade, and Nigeria's economic development challenges and policies.

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Levels

1 Foundations of Economics
2 Demand, Supply & Price
3 Production & the Firm
4 Money, Income & Public Finance
5 National Development & International Economics

Topics covered

Basic Economic Concepts Production Theory of Demand and Supply Price Determination and Elasticity Theory of Consumer Behaviour Theory of the Firm and Market Structures National Income Money and Inflation Financial Institutions Public Finance and Taxation International Trade and Balance of Payments Economic Growth and Development Agriculture and Industrialisation in Nigeria Population

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1. The basic economic problem faced by all societies is:

A. inflation

B. scarcity

C. unemployment

D. taxation

Explanation: Scarcity — limited resources against unlimited wants — is the fundamental economic problem.

2. If the price of a good rises and quantity demanded falls, the good obeys the:

A. law of supply

B. law of demand

C. law of diminishing returns

D. law of equilibrium

Explanation: The law of demand states that, all else equal, a rise in price leads to a fall in quantity demanded.

3. Which of these is a factor of production?

A. profit

B. labour

C. interest

D. rent

Explanation: Land, labour, capital and entrepreneurship are the four factors of production; profit, interest and rent are the rewards paid to them.

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