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 2211: In a perfectly competitive market, the firm is in long-run equilibrium at the output where? Options:
  A) marginal cost is minimum
  B) average cost is minimum
  C) total cost is minimum
  D) marginal cost revenue is maximum
  Show Answer
  The correct answer is B .
• Question 2212: 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 2213: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 2214: Contractionary monetary policy is used to Options:
  A) control inflation
  B) bridge the deflationary gap
  C) expand the output level
  D) deregulate the economy
  Show Answer
  The correct answer is A .
• Question 2215:

  The Power Holding Company of Nigeria (PHCN) is a ________

  Options:
  A) Public limited company
  B) Private authority
  C) Public Corporation
  D) Public Liability company
  Show Answer
  The correct answer is C .
• Question 2216: Rent and administrative expenses are examples of Options:
  A) average fixed costs
  B) average variable costs
  C) fixed costs
  D) variable costs
  Show Answer
  The correct answer is C .
• Question 2217: Some of the key indicators of underdevelopment in a country are? Options:
  A) poverty, high level of literacy and low income
  B) poverty, low level of literacy and low income
  C) low level of illiteracy, low income and poverty
  D) poverty, low incoe and low unemployment level
  Show Answer
  The correct answer is B .
• Question 2218: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 2219:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 2220: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
  Show Answer
  The correct answer is A .