Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 1041: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 1042:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 1043: When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as Options:
  A) elastic supply
  B) joint demand
  C) excess supply
  D) derived demand
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1044: A distinguishing characteristics of a consumers' cooperative is the fact that Options:
  A) the customers are the owners
  B) the customers are the workers
  C) the customers are the managers
  D) the customers are low income people
  E) the customers are high income people
  Show Answer
  The correct answer is A .
• Question 1045:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .
• Question 1046: A large standard deviation is an indication of Options:
  A) the size of the sample
  B) a wide spread around the mean
  C) a wide difference between the mean and the mode
  D) the difference between the highest and the lowest values
  Show Answer
  The correct answer is B .
• Question 1047: A good measure of the standard of living usually used for international comparison is Options:
  A) gross natioal income (GNI)
  B) net national income (NNI)
  C) gross national product (GNP)
  D) gross domestic product (GDP)
  E) per capital income (PCI)
  Show Answer
  The correct answer is E .
• Question 1048: Which of the following is NOT a characteristic of perfect competition? Options:
  A) many sellers and buyers in the markets
  B) There is perfect knowledge
  C) Supply and demand are equal
  D) There is no advertising
  E) Products are identical
  Show Answer
  The correct answer is C .
• Question 1049: The 1962-1968 development plan in nigerian failed because of Options:
  A) absence of indigenous bank
  B) higher exchange rate
  C) non availability of finance house
  D) movement of colonial masters
  E) over dependency on foreign capital
  Show Answer
  The correct answer is E .
• Question 1050: Central bank of Nigerian started operation Options:
  A) 1958
  B) 1959
  C) 1960
  D) 1963
  E) 1973
  Show Answer
  The correct answer is B .