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 1351: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is B .
• Question 1352: Long-term funds for investment projects are sourced from the Options:
  A) money market
  B) commodity market
  C) foreign exchange market
  D) capital market
  Show Answer
  The correct answer is D .
• Question 1353: 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 1354: The economic policy of privatization came up as a result of the poor performance of Options:
  A) commercial banks
  B) small-scale businesses
  C) public enterprises
  D) private enterprises
  Show Answer
  The correct answer is C .
• Question 1355:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 1356: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .
• Question 1357: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 1358:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .
• Question 1359: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 1360:

  

  In the diagram above, D_oD_o is the original demand curve, S_oS_o is the original supply curve, D₁D₁ is the new demand curve. What is the new equilibrium quantity?

  Options:
  A) Q₁
  B) Q₂
  C) Q₃
  D) Q₄
  Show Answer
  The correct answer is B .