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 111: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 112: 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 113: Government participation in the oil industry was necessitated by the Options:
  A) annual increase in production
  B) formation of OPEC
  C) high demand for crude oil
  D) huge investment outlay
  Show Answer
  The correct answer is B .
• Question 114: Excess supply over demand will place a price advantage on _____ Options:
  A) government
  B) foreign investors
  C) suppliers
  D) consumers
  Show Answer
  The correct answer is D .
• Question 115: If Mr Wale took a loan for the purpose of investment, the demand for money is________________? Options:
  A) Precautionary motive
  B) Transactionary and Precautionary motive
  C) Speculative motive
  D) Speculative and Transactionary motives
  Show Answer
  The correct answer is C .
• Question 116:

  The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

  Options:
  A) Volume of trade between countries
  B) direction of international trade
  C) commodity terms of trade
  D) volume of imports
  Show Answer
  The correct answer is C .
• Question 117: Which of the following is mostly used to determine the cost of living? Options:
  A) Marginal changes in prices
  B) Consumer price index
  C) Prices of imported and exported commodities
  D) producer price index
  Show Answer
  The correct answer is B .
• Question 118: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 119: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 120:

  The PAYE ( Pay As You Earn) in Nigeria is an example of ______

  Options:
  A) Flat rate Tax
  B) Community tax
  C) Regressive tax
  D) Progressive tax
  Show Answer
  The correct answer is D .