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 261: A monopolist will practice price discrimination in two markets if? Options:
  A) the cost of separating the markets is large
  B) the markets have different elasticities of demand
  C) there is free flow of information in the two markets
  D) there is a patent of the commodity
  Show Answer
  The correct answer is B .
• Question 262: In perfect competition,price is determined by the Options:
  A) government
  B) sellers
  C) buyers
  D) market
  Show Answer
  The correct answer is D .
• Question 263:

  Scarcity in economics means?

  Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 264: The minimum amount which banks are required to deposit with the central bank is determined by the Options:
  A) liquidity ratio
  B) cash reserve ratio
  C) minimum lending rate
  D) aggregate credit ceiling
  Show Answer
  The correct answer is C .
• Question 265: In a mixed economy, decisions to produce are taken by? Options:
  A) men and women acting in their own best interest
  B) the government acting in the interest of the country
  C) the market women, the labour unions and the employers association
  D) private individuals, organization and the government
  Show Answer
  The correct answer is D .
• Question 266: If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run? Options:
  A) Large-scale importation of foreign goods
  B) Investment in capital market abroad
  C) Large-scale export of locally made abroad
  D) Repayment of debt to her creditors
  Show Answer
  The correct answer is C .
• Question 267: Commercial banks can create money in the following ways? Options:
  A) by using coins and paper money
  B) by borrowing money from banks abroad
  C) by receiving deposit from individuals
  D) by printing money on the instruction of the central bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 268:

  

  What type of unemployment is revealed by the dotted lines on the graph?

  Options:
  A) frictional unemployment
  B) Cyclical unemployment
  C) Circular unemployment
  D) Underemployment
  Show Answer
  The correct answer is B .
• Question 269: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .
• Question 270:

  If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

  Options:
  A) 2
  B) 4
  C) 5
  D) 3
  Show Answer
  The correct answer is D .