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 1301: A monopolist is a Options:
  A) duopolist
  B) group of producers of related goods
  C) partnership business that produces a commodity with high demand
  D) single producer or seller of a commodity at cheap rate
  E) single producer or seller of a commodity that has no close substitute
  Show Answer
  The correct answer is E .
• Question 1302:

  

  A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

  Options:
  A) P
  B) Q
  C) X
  D) Y
  Show Answer
  The correct answer is C .
• Question 1303: Time deposit is the same thing as Options:
  A) bank rate
  B) current account
  C) demand deposited
  D) fixed deposit
  E) saving account
  Show Answer
  The correct answer is D .
• Question 1304: 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
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  The correct answer is B .
• Question 1305: Derived demand is normally used with reference to Options:
  A) superior goods
  B) inferior goods
  C) the cost of production
  D) the factors of production
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  The correct answer is D .
• Question 1306: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 1307: Money becomes a very poor store of value in a period of Options:
  A) Deflation
  B) Stable prices
  C) Recession
  D) Inflation
  E) Harvest
  Show Answer
  The correct answer is D .
• Question 1308:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 1309: For a firm, value added can be defined as the difference between the Options:
  A) input prices and product prices
  B) value of its output and inputs purchased from other firms
  C) value of its output and the cost of production
  D) total revenue and total cost
  Show Answer
  The correct answer is B .
• Question 1310: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .