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 831: To control inflation, the monetary authorities of a country can? Options:
  A) reduce taxes
  B) advise government to increase its expenditure
  C) engage in expansive monetary policy
  D) engage inrestrictive monetary policy
  Show Answer
  The correct answer is D .
• Question 832: In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced Options:
  A) N75.00
  B) N100
  C) N175.00
  D) N125.00
  Show Answer
  The correct answer is B .
• Question 833: The following is NOT a reason for the existence of small firms Options:
  A) Scale of production is limited by size of the market
  B) Expansion brings diminishing returns
  C) Large firms can carter for wide markets
  D) Small firms can provide personal services
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 834:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 835:

  Petroleum 'glut' in international trade means______

  Options:
  A) Higher prices for the Consumption of petroleum.
  B) An Oversupply of petroleum.
  C) A fall in in petroleum production.
  D) A higher petroleum price offered by the buyer.
  Show Answer
  The correct answer is B .
• Question 836:

  Gross National Product (GNP) less the provision for the wear and tear of assets is the

  Options:
  A) net present value
  B) net national product
  C) net factor income
  D) net indirect taxes
  Show Answer
  The correct answer is B .
• Question 837:

  

  In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

  Options:
  A) a drop in supply
  B) a rise in supply
  C) a supply- push inflation
  D) a stable supply curve
  E) an increase in quantity supplied
  Show Answer
  The correct answer is B .
• Question 838: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 839: A society which forgoes present consumption Options:
  A) is forced to do so because of excessive consumption within the country in the past
  B) is devoting new resources to new capital formation
  C) is merely devoting resources to the replacement of capital
  D) expects to consume only that amount tomorow which was forgone today
  Show Answer
  The correct answer is B .
• Question 840: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .