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 931: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 932: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .
• Question 933:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 934: Cost-push inflation is caused by? Options:
  A) growth of government expenditure
  B) increase in factor prices
  C) increase in money supply
  D) hoarding
  Show Answer
  The correct answer is B .
• Question 935: Mobility of labour is NOT affected by Options:
  A) optimum size of population
  B) marriage and family
  C) regulation of trade unions
  D) period of training
  Show Answer
  The correct answer is A .
• Question 936: Which of the following is a transfer payment? Options:
  A) Dividend to a shareholder
  B) Gift to a mothers less babies' home
  C) Salary to a worker
  D) Rent to a landlord
  Show Answer
  The correct answer is A .
• Question 937:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 938: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 939:

  

  The graph above represents

  Options:
  A) a decrease in quantity supplied
  B) an increase in supply
  C) a decrease in supply
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 940:

  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 .