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 1221:

  Effective demand for a commodity is desire for that commodity backed by_______

  Options:
  A) a wish for the lowest possible price
  B) ability and willingness to pay
  C) cash in one's pocket
  D) a promise to make payment
  Show Answer
  The correct answer is B .
• Question 1222: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 1223:

  The formular used by the Expenditure approach to calculate National income is

  Options:
  A) Y = C + I + X - M - G
  B) Y = C + X - M - I + G
  C) Y = C + I + G + X - M
  D) Y = C - I + X - M + G
  E) Y = C + G - X + M - I
  Show Answer
  The correct answer is C .
• Question 1224: 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 1225: The following are advantages of standard deviation EXCEPT that it Options:
  A) has greater practical utility In sampling
  B) is a good measure of dispersion since all the values are used in its calculation
  C) is important and useful in the analysis of T- Test
  D) is not a sound mathematical index
  E) is the most popular measure of dispersion in distribution
  Show Answer
  The correct answer is A .
• Question 1226: An imperfect market exist where? Options:
  A) the product is homogenous
  B) there is perfect information among sellers
  C) both buyers and sellers have free entry into and free exits from the market
  D) the location of some sellers gives them an advantage over others
  Show Answer
  The correct answer is D .
• Question 1227:

  One of these is not a problem of agriculture___________

  Options:
  A) provision of employment
  B) lack of preservation and storage facilities
  C) land tenure system
  D) poor transportation systems
  Show Answer
  The correct answer is A .
• Question 1228:

  Petroleum 'glut' in international trade means______

  Options:
  A) Higher prices for the Consumption of petroleum.
  B) An Oversupply of petroleum.
  C) A fall in in petroleum production.
  D) A higher petroleum price offered by the buyer.
  Show Answer
  The correct answer is B .
• Question 1229: One of the ways of correcting a deficit balance of payments is to Options:
  A) revalue a country's currency
  B) devalue a country's currency
  C) increase imports
  D) reduce exports
  Show Answer
  The correct answer is B .
• Question 1230: opportunity cost is the Options:
  A) price of scarce goods
  B) resources required for making a commodity
  C) cost of luxury goods
  D) accrual of financial loses by chance
  E) althernative forgone in other to satisfy a want
  Show Answer
  The correct answer is E .