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: If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is Options:
  A) N1.50
  B) N0.40
  C) N1.00
  D) N2.00
  Show Answer
  The correct answer is B .
• Question 372: The difference between the Gross Domestic Product and the Gross National Product is? Options:
  A) allowance for total depreciation
  B) total interest payments
  C) total tax and interest payments
  D) net income from aboard
  Show Answer
  The correct answer is D .
• Question 373:

  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 .
• Question 374:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 375:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .
• Question 376: Diminishing marginal utility implies that Options:
  A) total utility decreases as consumption increases
  B) marginal utility increases as consumption increases
  C) marginal utility deceases as consumption increase
  D) marginal utility decreases as consumption decreases
  Show Answer
  The correct answer is C .
• Question 377: The optimal range of output for a perfectly competitive firm is Options:
  A) AC is lowest
  B) AVC is lowest
  C) MC is rising
  D) MC is falling
  Show Answer
  The correct answer is B .
• Question 378: The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is Options:
  A) motive
  B) aim
  C) determination
  D) self discipline
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 379: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 380: Non-bank financial intermediaries do not? Options:
  A) provide credit facilities
  B) accept deposits
  C) accept demand deposits
  D) sell shares
  Show Answer
  The correct answer is C .