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 121:
  

  The diagram above represent

  Options:
  A) perfect competition
  B) mononpoly
  C) demand curve
  D) competitive market
  Show Answer
  The correct answer is B .
• Question 122: What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit? Options:
  A) The industry has many differentiated products
  B) The industry is characterized by rapid technological change
  C) The industry consist of large number of producers
  D) There are significant barriers to prevent firms entering the market
  Show Answer
  The correct answer is D .
• Question 123: Inflation which is caused mainly increases in the prices of factors of production is described as? Options:
  A) cost-push inflation
  B) demand-pull inflation
  C) crawling inflation
  D) spiral inflation
  Show Answer
  The correct answer is A .
• Question 124: Monetary policy does NOT involve Options:
  A) increasing the import duties
  B) buying or selling treasury bills by the Central Bank
  C) printing of more currency note
  D) increasing or decreasing cash reserve ratio by the Central Bank
  E) raising the level of interest
  Show Answer
  The correct answer is A .
• Question 125: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 126: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 127: If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the? Options:
  A) marginal revenue of the enterprise
  B) marginal revenue product of labour in the enterprise
  C) average revenue of the enterprise
  D) marginal cost of production
  Show Answer
  The correct answer is B .
• Question 128:

  John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  Options:
  A) marginal physical productivity
  B) marginal income productivity
  C) consumer's surplus
  D) economic rent
  Show Answer
  The correct answer is D .
• Question 129: An increase in the circulation of money without a corresponding increase in output will lead to Options:
  A) a rise in income levels
  B) stagflation
  C) inflation
  D) deflation
  Show Answer
  The correct answer is C .
• Question 130: All the following are the canons of taxation given by Adam Smith except Options:
  A) objective
  B) economy
  C) convenience
  D) certainty
  Show Answer
  The correct answer is A .