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 651: A straight line indifference curve indicates that the two products are Options:
  A) normal goods
  B) inferior goods
  C) perfect substitutes
  D) close substitutes
  Show Answer
  The correct answer is C .
• Question 652: Warehousing facilities in the distribution and marketing of products are provided by? Options:
  A) manufacturers
  B) wholesalers
  C) retailers
  D) consumers
  E) sellers
  Show Answer
  The correct answer is B .
• Question 653: An imperfectly competitive market is one where? Options:
  A) a large number of firms sell homogenous products
  B) input and output prices are unaffected
  C) each firm faces aa horizontal demand curve
  D) each firm maximize profit by selecting an output level at
  E) commodities are differentiated
  Show Answer
  The correct answer is E .
• Question 654:

  

  What does X represent?

  Options:
  A) recessionary gap
  B) GNP gap
  C) inflationary gap
  D) deflationary gap
  Show Answer
  The correct answer is D .
• Question 655:

  A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

  Options:
  A) Decrease, appreciation
  B) Increase, de-appreciation
  C) Decrease, depreciation
  D) Increase, consolidation
  Show Answer
  The correct answer is C .
• Question 656: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 657:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  From the table, it can be deduced that?

  Options:
  A) Nigeria should produce cocoa and lace
  B) Austria should produce cocoa and lace
  C) Nigeria can benefit from producing lace only
  D) Nigeria should not produce any of the products because of her relative disadvantages
  E) Austria should produce lace and Nigeria should produce cocoa
  Show Answer
  The correct answer is E .
• Question 658: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .
• Question 659:

  

  In the diagram above, profit is maximized at the output level

  Options:
  A) ON
  B) OK
  C) OL
  D) OF
  Show Answer
  The correct answer is C .
• Question 660: 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 .