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 221: The advantages that accrue to a firm as the size of the firm increases are known as Options:
  A) external diseconomies
  B) internal returns to scale
  C) internal economies
  D) internal diseconomies
  E) constant returns to scale
  Show Answer
  The correct answer is C .
• Question 222: The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the Options:
  A) ECOWAS
  B) IMF
  C) OPEC
  D) NNPC
  E) ECA
  Show Answer
  The correct answer is C .
• Question 223: Disposable income is the same thing as Options:
  A) personal income minus personal savings
  B) personal inome minus taxes
  C) national income minus depriciation
  D) exports minus imports
  E) savings plus investments
  Show Answer
  The correct answer is B .
• Question 224: The most important determinant for the location of a brick industry is the availability of Options:
  A) market
  B) power supply
  C) water
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 225: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 226: One of the major factors that brings about changes in supply is Options:
  A) market discrimination
  B) availability of storage facilities
  C) the cost of storage
  D) incentives granted to workers
  Show Answer
  The correct answer is C .
• Question 227:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 228:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 229: If goods were free, a rational consumer would consume? Options:
  A) an infinite amount of each good
  B) the amount where marginal utility became zero
  C) the same amount as when each good had a price
  D) the amount where marginal utility was the highest
  Show Answer
  The correct answer is D .
• Question 230:

  

  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 .