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 1571:

  The most important goal of OPEC is to?

  Options:
  A) present a united front for the purpose of raise prices of crude oil
  B) bring unity among the petroleum exporting countries
  C) ensure political stability among member states
  D) ensure that rules on quota production are strictly followed
  Show Answer
  The correct answer is D .
• Question 1572: A major characteristics of a firm operating at a long-run equilibrium position is that Options:
  A) all costs can be varied
  B) average variable cost is fixed
  C) fixed cost can not be changed
  D) marginal cost is fixed
  E) only variable cost changes
  Show Answer
  The correct answer is A .
• Question 1573:

  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 1574: 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 1575:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 1576: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
  Show Answer
  The correct answer is B .
• Question 1577: Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through? Options:
  A) increase in taxation of private companies, public corporations and private individuals
  B) increase in cash reserve ratio of commercial banks and the sale of government securities
  C) decrease in goverment expenditure on education
  D) direct price control in the market place
  Show Answer
  The correct answer is A .
• Question 1578: An economic problem exists whenever Options:
  A) there is scacity and choice
  B) there are no buyers for our goods
  C) there are too many sellers
  D) many people are out of work
  E) all raw materials are imported
  Show Answer
  The correct answer is A .
• Question 1579:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 1580:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .