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 2051: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 2052:

  Which of the following is not a cause of unemployment_______

  Options:
  A) poor education
  B) lack of skills
  C) good government planning
  D) corruption
  Show Answer
  The correct answer is C .
• Question 2053: The major objective of economic growth is to? Options:
  A) redistribute income and other benefits of growth
  B) equalize opportunities for education and employment
  C) increase the aggregate expenditure on goods and services
  D) increase real per capital income
  Show Answer
  The correct answer is D .
• Question 2054: Which modal of the factor is inelastic? Options:
  A) Wages
  B) capital
  C) labour
  D) land
  Show Answer
  The correct answer is D .
• Question 2055: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .
• Question 2056: Fixing price above equilibrium will cause Options:
  A) demand and supply to remain constant
  B) an increase in quantity supplied
  C) an increase in supply
  D) a decrease in quantity supplied
  Show Answer
  The correct answer is B .
• Question 2057: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
  Show Answer
  The correct answer is C .
• Question 2058: if AC = Average Cost of production , TC = Total Cost of production VC = Variable Cost of production FC = Fixed Cost of production Q = Quantity of goods producedThen, Options:
  A) AC = TC; TC = VC + FC
  B) AC = (TC) Q: TC = VC + FC
  C) AC = TC; TC = (VC)(FC) Q
  D) AC = TC- FC: VC = TC- AC
  E) AC = TC ; TC = VC + AC Q
  Show Answer
  The correct answer is A .
• Question 2059: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .
• Question 2060:

  Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

  A	40%
  B	50%
  C	33%
  D	36%

  Which type of economy exists in these countries?

  Options:
  A) Traditional
  B) Planned
  C) Pure market
  D) Mixed
  Show Answer
  The correct answer is D .