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 1171: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 1172: The Lagos clearing house is Options:
  A) a commodity market
  B) an import licensing centre
  C) another name for the Lagos stock exchange
  D) an insurance and underwriting centre
  E) a cheque sorting centre
  Show Answer
  The correct answer is E .
• Question 1173: Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs? Options:
  A) Interest rates
  B) Opportunity costs
  C) Economic rent
  D) Indirect costs
  E) Wages
  Show Answer
  The correct answer is C .
• Question 1174:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .
• Question 1175: A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade? Options:
  A) 20%
  B) 71%
  C) 120%
  D) 140%
  Show Answer
  The correct answer is D .
• Question 1176: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
  Show Answer
  The correct answer is A .
• Question 1177:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 1178: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
  Show Answer
  The correct answer is C .
• Question 1179: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .
• Question 1180: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .