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 1261: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .
• Question 1262: Wheat grows best in? Options:
  A) tropical climate
  B) temperate climate
  C) equatorial climate
  D) hot desert
  Show Answer
  The correct answer is B .
• Question 1263: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 1264:

  The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

  Options:
  A) total utility must fall
  B) marginal utility must fall
  C) marginal utility may rise
  D) marginal utility may fall even though his total utility may be rising
  Show Answer
  The correct answer is B .
• Question 1265:

  A tariff is a tax imposed on

  Options:
  A) Consumer goods
  B) Domestic goods
  C) Imported goods
  D) Exported goods
  Show Answer
  The correct answer is C .
• Question 1266: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 1267: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 1268:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 1269: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 1270: The current industrial development strategy in Nigeria is aimed at encouraging Options:
  A) small-scale industries
  B) medim-scale industries
  C) small-and medium-scale industries
  D) medium-and large-scale industries
  Show Answer
  The correct answer is C .