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 2271:

  

  In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

  Options:
  A) Curve I
  B) Curve ll
  C) Curve lll
  D) Curve lV
  E) Curves l and lll
  Show Answer
  The correct answer is D .
• Question 2272: The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981? Options:
  A) 96 000
  B) 192 000
  C) 288 000
  D) 470 400
  Show Answer
  The correct answer is D .
• Question 2273: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 2274: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 2275: One of the characteristics of an imperfect market is? Options:
  A) a large number of buyers and sellers
  B) a lack of homogeneity of products
  C) an adequate awareness of market conditions by buyers and sellers
  D) the availability of substitutes
  Show Answer
  The correct answer is B .
• Question 2276: A classroom teacher is promoted to the rank of a principal. This is an example of Options:
  A) vertical mobility
  B) lateral mobility
  C) social mobility
  D) horizontal mobility
  Show Answer
  The correct answer is D .
• Question 2277: If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving Options:
  A) rent
  B) profit
  C) interest
  D) surtax income
  Show Answer
  The correct answer is D .
• Question 2278: One of the challenges facing the banking industry in Nigeria is Options:
  A) ensuring technological security
  B) providing employment
  C) providing loans for investment
  D) creating more money
  Show Answer
  The correct answer is C .
• Question 2279: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 2280: If a society is operating on the production possibility curve, this implies that the resources are? Options:
  A) fully and efficiently utilized
  B) fully but inefficiently utilized
  C) efficiently but not fully utilized
  D) abundant
  Show Answer
  The correct answer is A .