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 391: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .
• Question 392: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 393: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 394: Which is NOT a method of raising capital funds in Nigeria? Options:
  A) Borrowing from abroad
  B) Internal borrowing
  C) Nigerianization of foreign companies
  D) Gifts from abroad
  E) Saling government bonds
  Show Answer
  The correct answer is C .
• Question 395: The equilibrium price clears the market; it is the price at which___________ Options:
  A) Everything is sold
  B) Buyers spend all their money
  C) Excess demand is zero
  D) None of the above
  Show Answer
  The correct answer is C .
• Question 396:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 397:

  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 398: The tax levied on goods and services at each stage of production is Options:
  A) surtax
  B) VAT
  C) ad valorem tax
  D) PAYE
  Show Answer
  The correct answer is B .
• Question 399:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 400: If all factors are variable in the long run,firms will experience Options:
  A) decreasing returns to scale
  B) increasing returns to scale
  C) diminishing returns
  D) economies of scale
  Show Answer
  The correct answer is B .