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 1711: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 1712:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .
• Question 1713:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 1714: The primary objective of establishing the Export Process Zone is to? Options:
  A) facilitate agricultural production
  B) encourage the production and processing of export commodities
  C) erect imported raw materials
  D) erect economic structures near the port
  Show Answer
  The correct answer is B .
• Question 1715: The long-run average cost curve touches to the short-run average cost curves at the Options:
  A) minimum points of all short run average cost curves
  B) declining points of all short-run average cost curves
  C) minimum point of only one of the short-run cost curves
  D) rising points of all short-run average cost curves
  Show Answer
  The correct answer is D .
• Question 1716: How many National Development Plans did Nigeria have between 1960 and 1984? Options:
  A) One
  B) Two
  C) Four
  D) Five
  E) Six
  Show Answer
  The correct answer is C .
• Question 1717: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 1718: If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is Options:
  A) N1.50
  B) N0.40
  C) N1.00
  D) N2.00
  Show Answer
  The correct answer is B .
• Question 1719: One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to? Options:
  A) demand for increased special deposit
  B) decrease the cash ratio
  C) buy securities in the open market
  D) reduce the rate of interests at which banks borrow from it
  Show Answer
  The correct answer is A .
• Question 1720: An imperfect market exist where? Options:
  A) the product is homogenous
  B) there is perfect information among sellers
  C) both buyers and sellers have free entry into and free exits from the market
  D) the location of some sellers gives them an advantage over others
  Show Answer
  The correct answer is D .