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 481:

  

  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 .
• Question 482: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 483:

  The number of people who are qualified to work and who offered themselves for employment are called

  Options:
  A) mobility of labour
  B) working population
  C) migrant labour
  D) labour turnover
  Show Answer
  The correct answer is B .
• Question 484: Cost-push inflation is caused by? Options:
  A) growth of government expenditure
  B) increase in factor prices
  C) increase in money supply
  D) hoarding
  Show Answer
  The correct answer is B .
• Question 485: When workers have a union, the supply of labour is said to be Options:
  A) monopolistic
  B) oligopolistic
  C) monopsonistic
  D) competitive
  Show Answer
  The correct answer is A .
• Question 486: Average fixed cost is Options:
  A) Average total cost less the sum of average variable cost
  B) Half the sum of all costs
  C) Total fixed cost divided by the level of output
  D) Total fixed cost plus marginal cost
  Show Answer
  The correct answer is C .
• Question 487: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
  Show Answer
  The correct answer is A .
• Question 488: One`of the limitations PPC assumption is that there is Options:
  A) no indication of technological development
  B) no recognition of preferred goods for countries
  C) technical inefficiency
  D) abundant resources
  Show Answer
  The correct answer is B .
• Question 489: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B .
• Question 490: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
  Show Answer
  The correct answer is A .