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 631: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 632: Given a base year and the price index of 175% the following year, which of the following year will arise? Options:
  A) The cost of living decreases of that year
  B) The cost of living remains unchanged
  C) The value of money rises by 75%
  D) The value of money falls by 75%
  Show Answer
  The correct answer is A .
• Question 633: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is B .
• Question 634: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 635: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
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  The correct answer is B .
• Question 636: Which of the following is used for measuring national income? Options:
  A) Output, income and wages
  B) Import, expenditure and output
  C) Income, output and expenditure
  D) Export, Import and output
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  The correct answer is C .
• Question 637: The practice of selling goods overseas and often below the cost of production is known as Options:
  A) retailing
  B) dumping
  C) internal trade
  D) advertising
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  The correct answer is B .
• Question 638: Normative economics deals with? Options:
  A) what is and not what should be
  B) facts and not figures
  C) facts and figures
  D) value judgements
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  The correct answer is D .
• Question 639: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .
• Question 640:

  

  In the diagram below, the curve which represents firm's short-run averagevariable cost is curve

  Options:
  A) l
  B) ll
  C) lll
  D) IV
  Show Answer
  The correct answer is C .