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 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 .
• Question 142:

  A minimum price legislation is also called

  Options:
  A) price ceiling
  B) price floor
  C) price control
  D) price mechanism
  Show Answer
  The correct answer is B .
• Question 143:

  

  The pie chart above represents the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.

  What is the population of the matured students?

  Options:
  A) 600
  B) 800
  C) 1000
  D) 1200
  Show Answer
  The correct answer is C .
• Question 144: Ranking is the method use in measuring Options:
  A) marginal utility
  B) ordinal utility
  C) cardinal utility
  D) total utility
  Show Answer
  The correct answer is B .
• Question 145: The advantages which firms obtain directly from expanding their operations are referred to as? Options:
  A) internal economies of scale
  B) external economies of scale
  C) economics of localization
  D) economies of resources allocation
  Show Answer
  The correct answer is A .
• Question 146: A normal supply curve is usually positively sloped because the relationship between Options:
  A) price and supply is positive
  B) demand and price is positive
  C) supply and price is negative
  D) price and demand is negative
  Show Answer
  The correct answer is A .
• Question 147: An advantage of electronic banking is that it Options:
  A) Enables many customers to operate joint accounts
  B) Reduces risk of bank fraud
  C) Enables a customer to operate many accounts from different locations
  D) Enables a customer to operate his account from different locations
  Show Answer
  The correct answer is D .
• Question 148:

  

  The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

  Options:
  A) marginal cost
  B) average cost
  C) average revenue
  D) marginal revenue
  Show Answer
  The correct answer is C .
• Question 149: The loading of crude oil at the terminal is an activity in the Options:
  A) downstream sector of the oil industry
  B) upstream and downstream sector of the oil industry
  C) upstream sector of the oil industry
  D) midstream and upstream sectors of the oil industry
  Show Answer
  The correct answer is A .
• Question 150: The market in which the operators are many and none of them can influence the price is Options:
  A) stock exchange market
  B) imperfect market
  C) perfect foreign market
  D) exchange market
  Show Answer
  The correct answer is C .