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 801: Which of the following is true of a perfect market situation? Options:
  A) price = AR=MC=AC
  B) price = DD = MC = AC
  C) price = AC = MC = AR
  D) price = AR = MR = DD
  E) price = MR but MR < AR
  Show Answer
  The correct answer is A .
• Question 802:

  Which of the following is used by the central bank to control the rate of interest

  Options:
  A) bill of exchange
  B) banker's order
  C) fixed deposit account
  D) open market operation
  Show Answer
  The correct answer is D .
• Question 803: Economics is regarded as a social science because It Options:
  A) helps people to be acceptable In the society
  B) Is associated with social dubs
  C) is used by sociologist
  D) studies human behavior
  E) uses controlled experiment
  Show Answer
  The correct answer is D .
• Question 804:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .
• Question 805: If monopoly is attempting to maximize profit which of the following should it attempt to do? Options:
  A) Select that output at which ATC is at minimum
  B) Set price equal to TC
  C) Maximize profit per unit
  D) Maximize revenue
  E) Equate marginal cost to marginal revnue
  Show Answer
  The correct answer is E .
• Question 806:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 807: Efficiency of labour implies Options:
  A) education and training
  B) good working condition
  C) healthier workforce
  D) increased productivity worker accompanied by improvement in the quality of output
  E) the amount of incentives or remuneration given to workers
  Show Answer
  The correct answer is D .
• Question 808:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 809:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 810:

  If commodities X and Y are substitute, their cross elasticity of demand will be

  Options:
  A) One
  B) positive
  C) negative
  D) zero
  Show Answer
  The correct answer is B .