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 371:

  

  The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

  Options:
  A) Q₃
  B) Q₄
  C) Q₁
  D) Q₂
  Show Answer
  The correct answer is A .
• Question 372: An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are? Options:
  A) substitute goods
  B) complementary goods
  C) elastic goods
  D) inelastic goods
  E) inferior goods
  Show Answer
  The correct answer is A .
• Question 373:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .
• Question 374:

  

  Determine the marginal revenue ifthe total revenue is ₦80.00

  Options:
  A) ₦16.00
  B) ₦12.00
  C) ₦14.00
  D) ₦18.00
  Show Answer
  The correct answer is B .
• Question 375: The pre-dominance of non-working housewives and maids in West Africa Options:
  A) will understate the national income of the countries
  B) will overstate the national income of the countries
  C) will lead to constant per capita income over the years
  D) will lead to balance of payment deficits
  E) will cause unfavourable terms of trade
  Show Answer
  The correct answer is A .
• Question 376: The production possibility curve can be used to explain the underlying concepts of Options:
  A) scale of preference and choice
  B) opportunity cost and choice
  C) wants and means
  D) opportunity cost and scale of preference
  Show Answer
  The correct answer is B .
• Question 377:

  Economics is often described as a social science because?

  Options:
  A) laboratory experiments are performed
  B) It makes use of controlled experiments
  C) It uses scientific methods to explain an observed phenomenon and predict future events
  D) It makes use of fieldwork
  Show Answer
  The correct answer is C .
• Question 378:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 379:

  In the event of bankruptcy, owners of joint-stock companies lose

  Options:
  A) their private properties
  B) both company and private assets
  C) only the capital invested
  D) only their dividends
  Show Answer
  The correct answer is C .
• Question 380:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .