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 871:

  A measure for preventing the external value of the Naira from falling is for the government to

  Options:
  A) increase its spending with foreign reserve
  B) sell its own currency
  C) reduce interest rate
  D) buy its currency with foreign reserve
  Show Answer
  The correct answer is D .
• Question 872: In the long run a firm will leave an industry if price? Options:
  A) does not cover at at least Average Total Cost
  B) is not equal to Marginal Cost
  C) is higher than Average Varriable Cost
  D) is not at least equal to the minimum of Marginal Cost curve
  Show Answer
  The correct answer is B .
• Question 873:

  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 874: Commercial bank reserves at the Central Bank have the effect of? Options:
  A) controlling credit and money supply
  B) discouraging banking operations
  C) advancing trade prospects
  D) reducing bank frauds
  Show Answer
  The correct answer is A .
• Question 875: The technical relationship between the physical inputs and the physical outputs of a firm is Options:
  A) Utility
  B) Cost
  C) Demand
  D) Production function
  Show Answer
  The correct answer is D .
• Question 876:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 877:

  The type of business finance that entitles the holder to a fixed rate of dividend is______________--

  Options:
  A) bank load
  B) debenture
  C) preferred stock
  D) semi-fixed
  Show Answer
  The correct answer is C .
• Question 878:

  Consider the diagram below which shows a demand curve (d).

  Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

  Options:
  A) The area VWX
  B) The area XTUV
  C) $\frac{XW}{XT}$
  D) $\frac{TU}{UV}$
  Show Answer
  The correct answer is A .
• Question 879:

  External economies arises essentially from__________

  Options:
  A) a firm's individual policies
  B) localisation of industry
  C) government economic policy
  D) free transferability of shares
  Show Answer
  The correct answer is B .
• Question 880: The output approach to measuring national income is based on the computation of Options:
  A) final output
  B) factor cost
  C) value added
  D) profits earned
  Show Answer
  The correct answer is C .