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 1861: Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output? Options:
  A) N720.00
  B) N216.00
  C) N44.00
  D) N880.00
  Show Answer
  The correct answer is C .
• Question 1862: Wage freeze is a policy measure aimed at Options:
  A) encouraging investors
  B) curbing inflation
  C) regulating standard of living
  D) curbing deflation
  Show Answer
  The correct answer is B .
• Question 1863: The deregulation of the petroleum sector in Nigeria will bring about Options:
  A) efficiency in pricing and distribution of the products
  B) an end to the importation of fuel
  C) an end to foreign firms' dominance
  D) fixing appropriate production quotas
  Show Answer
  The correct answer is A .
• Question 1864: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
  Show Answer
  The correct answer is A .
• Question 1865:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .
• Question 1866: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
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  The correct answer is A .
• Question 1867: At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?` Options:
  A) price is always equal to marginal cost
  B) supply is always equal to demand
  C) price is always higher than marginal cost
  D) there are always many buyers and many sellers
  Show Answer
  The correct answer is A .
• Question 1868:

  

  What is the population growth rate in 2003?

  Options:
  A) 33.3%
  B) 20.0%
  C) 11.0%
  D) 50%
  Show Answer
  The correct answer is D .
• Question 1869: When a consumer is at equilibrium, the MRS_xy is equal to the Options:
  A) sum of the prices
  B) product of the two prices
  C) ratio of the two prices
  D) difference of the two prices
  Show Answer
  The correct answer is A .
• Question 1870: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
  Show Answer
  The correct answer is A .