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 1611:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 1612:

  Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.

  Find the average total cost of producing one units?

  Options:
  A) N 60
  B) N 45
  C) N 35
  D) N 30
  Show Answer
  The correct answer is C .
• Question 1613:

  Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  Options:
  A) Monopoly
  B) Oligopoly
  C) Monopolistic competition
  D) Perfect competition
  Show Answer
  The correct answer is B .
• Question 1614: The OPEC marketing policy of fixing minimum price allows members to Options:
  A) sell above minimum price
  B) sell below minimum price
  C) determine the price and quantity to sell
  D) negotiate price with customers
  Show Answer
  The correct answer is A .
• Question 1615:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 1616: Demand for a commodity by a consumer is the quantity of that commodity that the consumer Options:
  A) demands at a given price at a point in time
  B) demand at a given price
  C) actually digests
  D) produces, given its price
  E) can store away during bnad weather
  Show Answer
  The correct answer is A .
• Question 1617: The ability of commercial banks to create money depends on the Options:
  A) reserve ratio
  B) liquidity ratio
  C) interest rate
  D) capital base
  Show Answer
  The correct answer is A .
• Question 1618: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
  Show Answer
  The correct answer is D .
• Question 1619: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 1620: The economic questions about what and how to produce in an economy is solely answered by the _______? Options:
  A) government
  B) labour union
  C) private and public enterpriser
  D) system of economy practised
  Show Answer
  The correct answer is D .