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 1191:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 1192:

  Demand-pull inflation is likely to be caused by

  Options:
  A) an increase in the cost of factor inputs
  B) increase in the income tax rate
  C) increase in bank lending rate
  D) increasingly large budget deficit
  Show Answer
  The correct answer is D .
• Question 1193: The ultimate objective of Economics is to? Options:
  A) make effort to understand how the Economy works
  B) make the best use of scarce resources
  C) organize production at the lowest cost
  D) decide under what circumstances the government should intervene inthe economy
  Show Answer
  The correct answer is B .
• Question 1194: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 1195: The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called? Options:
  A) internal economies of scale
  B) economies of scale
  C) market economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 1196:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1197: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
  Show Answer
  The correct answer is C .
• Question 1198: An inflation that co-exists with high rate of unemployment is Options:
  A) hyperinflation
  B) stagflation
  C) demand-pull inflation
  D) cost-push inflation
  Show Answer
  The correct answer is A .
• Question 1199: The basic principle of cooperative societies is to ________ Options:
  A) maintain the integrity of their members
  B) protect the interest and pursue the welfare of members
  C) ensure better working conditions for members
  D) provide voluntary services to the members
  Show Answer
  The correct answer is B .
• Question 1200: In a mixed economy, decisions to produce are taken by? Options:
  A) men and women acting in their own best interest
  B) the government acting in the interest of the country
  C) the market women, the labour unions and the employers association
  D) private individuals, organization and the government
  Show Answer
  The correct answer is D .