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 141: In the short run, the monopolistic competitors? Options:
  A) always makes profit
  B) always incurs a loss
  C) always breaks -even
  D) may close down
  Show Answer
  The correct answer is A .
• Question 142: The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit? Options:
  A) N 100 000
  B) N 800 000
  C) N 1000 000
  D) N 8000 000
  Show Answer
  The correct answer is B .
• Question 143: A firm enjoying economies of scale is said to be Options:
  A) reducing average cost as production increases
  B) benefiting from the activties of other firms
  C) maximizing profits as production increases
  D) having an upward-sloping average cost curve
  Show Answer
  The correct answer is A .
• Question 144: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
  Show Answer
  The correct answer is C .
• Question 145: The losses suffered by a sole proprietor are? Options:
  A) usually equal to the amount invested
  B) usually less than the amount invested
  C) limted to the amount invested
  D) not limited to the amount invested
  Show Answer
  The correct answer is D .
• Question 146:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 147: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .
• Question 148: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
  Show Answer
  The correct answer is A .
• Question 149: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .
• Question 150: A rising short-run average cost is a result of Options:
  A) economies of scale
  B) falling marginal costs
  C) diminishing returns
  D) rising fixed costs
  Show Answer
  The correct answer is C .