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 1861: A market where there are many differentiated products is called? Options:
  A) monopoly
  B) perfect competition
  C) monopolistic competition
  D) oligopoly
  Show Answer
  The correct answer is C .
• Question 1862: A consumer's scale of preference is an arrangement of his? Options:
  A) scarce resources in order of importance
  B) needs in order of importance
  C) sources of income and their importances
  D) requirements and how to satisfy them
  Show Answer
  The correct answer is B .
• Question 1863:

  A firm that closes down will still incur

  Options:
  A) variable cost
  B) fixed cost
  C) total cost
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1864: Which is of the following is NOT among the financial institutions in Nigeria? Options:
  A) Federal Mortgage Bank
  B) Microfinance Banks
  C) Insurance Banks
  D) Federal Ministry of Finance
  Show Answer
  The correct answer is D .
• Question 1865:

  Quantity	Fixed cost (₦)	Variable cost (₦)	Total cost (₦)	Marginal cost (₦)	Average cost (₦)
  1	750	200	950	-	950
  2	750	560	1310	360	655
  3	750	900	1650	?	550

  The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

  Options:
  A) ₦350.00
  B) ₦340.00
  C) ₦360.00
  D) ₦370.00
  E) ₦55.00
  Show Answer
  The correct answer is B .
• Question 1866: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .
• Question 1867: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 1868: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 1869: A smaller industry that grows to cater for the need of the major industry is Options:
  A) subsidiary industry
  B) constructive industry
  C) manufacturing industry
  D) infant industry
  Show Answer
  The correct answer is A .
• Question 1870:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .