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 1321:

  

  In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

  Options:
  A) Curve I
  B) Curve ll
  C) Curve lll
  D) Curve lV
  E) Curves l and lll
  Show Answer
  The correct answer is D .
• Question 1322: Which of the following statement is TRUE about ECOWAS? Options:
  A) The aim of ECOWAS is to ensure economic stability
  B) Bigger state in the community dominate the small state
  C) Members of the ECOWAS community can form cartel and create monopolies
  D) English is the only official language of ECOWAS
  Show Answer
  The correct answer is C .
• Question 1323: Which of these is NOT a basic economic problem of society? Options:
  A) efficiency of resource use
  B) for whom to produces
  C) how to produce
  D) scale of production
  E) what to produce
  Show Answer
  The correct answer is A .
• Question 1324: One major difference between monopoly and perfect competition is that? Options:
  A) the perfect competitor is a price taker while the monopolist determines his own output
  B) homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
  C) sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
  D) there is free entry and exist in perfect competition but no free exist in monopoly
  Show Answer
  The correct answer is A .
• Question 1325:

  

  The line labeled M in the diagram above represents

  Options:
  A) total cost
  B) fixed cost
  C) variable cost
  D) average cost
  Show Answer
  The correct answer is B .
• Question 1326: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 1327:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1328:

  Factors affecting size of Labour Force include the following EXCEPT?

  Options:
  A) Level of technology
  B) Retirement age
  C) Government policies
  D) Trade Union activities
  Show Answer
  The correct answer is A .
• Question 1329: If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index Options:
  A) 100
  B) 200
  C) 240
  D) 300
  Show Answer
  The correct answer is B .
• Question 1330:

  Poverty simply refers to the low level of________

  Options:
  A) planning
  B) per capita income
  C) rich people
  D) labour face
  Show Answer
  The correct answer is B .