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 1101:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 1102: For an inferior good, a decreased in real income will lead to? Options:
  A) a lower equilibrium price
  B) a change in quantity demanded
  C) an outward shift of the demand curve
  D) an inward shift of the demand curve
  Show Answer
  The correct answer is C .
• Question 1103: An effective way of controlling inflation in a mixed economy is to Options:
  A) increase productivity
  B) reduce income tax
  C) ration available output
  D) increase imports
  Show Answer
  The correct answer is A .
• Question 1104: A change in demand for a normal good means Options:
  A) a shift in the demand curve
  B) a change in the price changes
  C) a movement along a given demand curve
  D) a change in the price elasticity
  Show Answer
  The correct answer is A .
• Question 1105: Disequilibrium in the balance of payment means? Options:
  A) imports of the country exceeding its exports
  B) overall deficit or surplus in the current account and capital account of the balance of payment
  C) capital flowing out of the country exceeds the capital flowing into the country
  D) deficit in the trade balance
  E) export earnings exceeds cost of imports
  Show Answer
  The correct answer is B .
• Question 1106:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 1107:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.What is the modal score?

  Options:
  A) 36
  B) 42
  C) 54
  D) 62
  Show Answer
  The correct answer is D .
• Question 1108: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 1109: Diminishing marginal utility implies that Options:
  A) total utility decreases as consumption increases
  B) marginal utility increases as consumption increases
  C) marginal utility deceases as consumption increase
  D) marginal utility decreases as consumption decreases
  Show Answer
  The correct answer is C .
• Question 1110: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .