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 1161: In the long run a firm will leave an industry if price? Options:
  A) does not cover at at least Average Total Cost
  B) is not equal to Marginal Cost
  C) is higher than Average Varriable Cost
  D) is not at least equal to the minimum of Marginal Cost curve
  Show Answer
  The correct answer is B .
• Question 1162: Economic growth takes place when there is an increase in Options:
  A) savings over time
  B) investment over time
  C) population over time
  D) output over time
  Show Answer
  The correct answer is D .
• Question 1163: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 1164: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
  Show Answer
  The correct answer is C .
• Question 1165: The following measures used to check deflation EXCEPT Options:
  A) deficit financing
  B) improving distribution system
  C) increasing wages and salaries
  D) raising the bank rate
  E) reducing taxation
  Show Answer
  The correct answer is D .
• Question 1166: The budget of Nigeria will be deficit if Options:
  A) revenue expenditure exceeds the revenue receipts
  B) capital expenditure exceeds the capital receipts
  C) revenue and capital receipts exceeds revenue and capital receipts
  D) the government is spending more than its receipts
  E) all of the above
  Show Answer
  The correct answer is D .
• Question 1167: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 1168: Division of labour is limited by the? Options:
  A) available of raw materials
  B) size of the labour force
  C) size of a labour firm
  D) absolute size of the country's population
  E) per capital income and number of potential buyers
  Show Answer
  The correct answer is B .
• Question 1169:

  The basic economic problems of society include___________

  Options:
  A) scarcity, for whom to produce and where
  B) what to produce, how and for whom
  C) how to produce and sell
  D) scarcity, when to produce and how
  Show Answer
  The correct answer is B .
• Question 1170: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .