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 311:

  Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  Options:
  A) Monopoly
  B) Oligopoly
  C) Monopolistic competition
  D) Perfect competition
  Show Answer
  The correct answer is B .
• Question 312: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
  Show Answer
  The correct answer is A .
• Question 313: In international trade, shipping and other freight charges are treated as? Options:
  A) invisible items
  B) unilateral transfers
  C) capital transactions
  D) autonomous capital transactions
  Show Answer
  The correct answer is A .
• Question 314: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 315: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .
• Question 316: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 317:

  

  From the table above, the total utility for the individual who consumes 3 units of commodity X is

  Options:
  A) 50 units
  B) 150 units
  C) 230 units
  D) 250 units
  Show Answer
  The correct answer is C .
• Question 318: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 319: 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 320: If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing? Options:
  A) large-scale production
  B) profit maximization
  C) economies of scale
  D) diseconomies of scale
  Show Answer
  The correct answer is D .