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 2451: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
  Show Answer
  The correct answer is E .
• Question 2452:

  

  From the graph above P₂ in price control situation is referred

  Options:
  A) Minimum price
  B) Shut-down price
  C) Maximum price
  D) Mark-up price
  Show Answer
  The correct answer is A .
• Question 2453:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .
• Question 2454: A characteristic of a debenture is that? Options:
  A) its yeild is based on profits
  B) its yeild is a fixed rate of interest
  C) it has no redemption date
  D) there is a voting right when interest is paid
  Show Answer
  The correct answer is B .
• Question 2455:

  When a variable is associated with time period, it is_____________

  Options:
  A) circular
  B) a flow
  C) static
  D) a stock
  Show Answer
  The correct answer is A .
• Question 2456: If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in Options:
  A) government expenditure
  B) savings
  C) interest rates
  D) exchange rates
  Show Answer
  The correct answer is D .
• Question 2457:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 2458:

  A major characteristic of natural resources isthey

  Options:
  A) are unlimited in supply
  B) have high cost of production
  C) are free gifts of nature
  D) do not command any price
  Show Answer
  The correct answer is C .
• Question 2459: A characteristic of the average fixed cost is that, it? Options:
  A) rises and falls faster than the marginal cost
  B) is U-shaped and intersects the price axis
  C) is always higher than the average variable cost
  D) falls continuously but is never equal to zero
  Show Answer
  The correct answer is D .
• Question 2460:

  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 .