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 2841: Under perfect competition, the long-run equilibrium requires? Options:
  A) MR = MC
  B) MR = AC = AR
  C) MR > MC
  D) MR = MC = AR = AC
  E) AR = AC
  Show Answer
  The correct answer is D .
• Question 2842:

  ECOWAS was formed for the purpose of________

  Options:
  A) promoting co-operation and integration
  B) to facilitate the expansion of international trade
  C) to provide insurance
  D) to insure new investment
  Show Answer
  The correct answer is A .
• Question 2843: Short-term loans for investment are usually obtained through the Options:
  A) stock market
  B) development banks
  C) money market
  D) capital market
  Show Answer
  The correct answer is C .
• Question 2844:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .
• Question 2845: The high rate of inflation in Nigeria can be attributed to Options:
  A) increasing cost of production
  B) the appreciation of the naira
  C) decreasing cost of production
  D) high capacity utilization
  Show Answer
  The correct answer is A .
• Question 2846: An increase in the supply of labour in a factory while other things remain equal will lead to? Options:
  A) an increase in the wage rate and an increase in the number of people employed
  B) a decreased in the wage rate and a decrease in employment
  C) an increase in the wage rate and an decrease in the employment
  D) a decrease in the wage rate and an increase in employment
  Show Answer
  The correct answer is D .
• Question 2847: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 2848: Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue? Options:
  A) Cost of production is at a medium
  B) The plant is of optimum size
  C) Price is above marginal revenue
  D) Average variable cost is at a minimum
  Show Answer
  The correct answer is C .
• Question 2849:

  Which of the following will cause an increase in cost of production?

  Options:
  A) Hyper-inflation
  B) Cost push inflation
  C) Structural inflation
  D) Demand pull inflation
  Show Answer
  The correct answer is B .
• Question 2850:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .