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 181: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 182:

  An electrical engineer who is teaching physics in a secondary school is said to be

  Options:
  A) under-employed
  B) unemployed
  C) fully employed
  D) technologically unemployed
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  The correct answer is A .
• Question 183:

  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 .
• Question 184: One of the fundamental economic problem of every society is Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
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  The correct answer is A .
• Question 185: Which of the following is NOT a characteristic of perfect competition? Options:
  A) many sellers and buyers in the markets
  B) There is perfect knowledge
  C) Supply and demand are equal
  D) There is no advertising
  E) Products are identical
  Show Answer
  The correct answer is C .
• Question 186: One of the causes of the present high rate of inflation in Nigeria is Options:
  A) increasing budget surplus
  B) increasing factor costs
  C) exchange rate appreciation
  D) high capacity utilization
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  The correct answer is C .
• Question 187: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
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  The correct answer is B .
• Question 188:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
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  The correct answer is C .
• Question 189:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 190: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .