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 531:

  

  In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by

  Options:
  A) TX
  B) RT
  C) ST
  D) TY
  Show Answer
  The correct answer is A .
• Question 532:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 533: The best channel of distribution of baked bread is through? Options:
  A) wholesalers to retailers then to consumers
  B) direct sales to consumers
  C) wholesalers to consumers
  D) retailers to consumers
  Show Answer
  The correct answer is B .
• Question 534: Which of the following is NOT a major function of a Central Bank? Options:
  A) Serving as Goverment''s bank
  B) Serving as bankers bank
  C) Acceptance of deposit from the public
  D) Responsibility for monetary policy
  E) Serving as lender of last resort
  Show Answer
  The correct answer is C .
• Question 535: If a firm is faced with an elastic supply curve, its revenue will Options:
  A) be supplied at a higher price
  B) double at a higher price
  C) increase by more than the percentage increase in price
  D) equal percentage change in price
  Show Answer
  The correct answer is C .
• Question 536: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .
• Question 537:

  Which of the following factors is not a cause of diminishing returns?

  Options:
  A) Increase in variable inputs
  B) Land fragmentation
  C) Constant technology
  D) Technological innovations
  Show Answer
  The correct answer is D .
• Question 538:

  Price per tin	Demand per week	Supply per week
  ₦6	0 tins	45 tins
  ₦5	5 tins	35 tins
  ₦4	10 tins	25 tins
  ₦3	15 tins	15 tins
  ₦2	20 tins	5 tins
  ₦1	25 tins	0 tins

  Market for Garri: At a price of ₦5, the excess supply is`

  Options:
  A) 30 tins per week
  B) 45 tins per week
  C) 15 tins per week
  D) 20 tins per week
  E) indeterminate
  Show Answer
  The correct answer is A .
• Question 539: The use of government revenue and expenditure to achieve set objectives is known as Options:
  A) budget
  B) fiscal policy
  C) revenue allocation
  D) monetary policy
  Show Answer
  The correct answer is B .
• Question 540: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .