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 231:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 232: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .
• Question 233: If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is? Options:
  A) 0.20
  B) 0.80
  C) 1.25
  D) 2.00
  Show Answer
  The correct answer is B .
• Question 234:

  The last link in the channel of distribution is____________

  Options:
  A) Producer
  B) Retailer
  C) Consumer
  D) Wholesaler
  Show Answer
  The correct answer is C .
• Question 235: Goods sold in perfectly competitive markets are generally Options:
  A) homogenous
  B) intermediate and final
  C) durable and non-durable
  D) heterogeneous
  Show Answer
  The correct answer is A .
• Question 236: One of the gains by member states of the Economic Community of West Africa? Options:
  A) monocultural dependency
  B) trade creation
  C) trade inversion
  D) economic independency
  Show Answer
  The correct answer is C .
• Question 237: One major difference between monopoly and perfect competition is that? Options:
  A) the perfect competitor is a price taker while the monopolist determines his own output
  B) homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
  C) sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
  D) there is free entry and exist in perfect competition but no free exist in monopoly
  Show Answer
  The correct answer is A .
• Question 238: The population level that yields the maximum output when combined with available resources is known as Options:
  A) dependent population
  B) maximum population
  C) active population
  D) productive population
  E) optimum population
  Show Answer
  The correct answer is E .
• Question 239:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 240: Optimum population is defined as the level of population at which? Options:
  A) per capital output is maximized
  B) population is neither increasing nor decreasing
  C) total national income is maximized
  D) marginal efficiency of population is maximized
  Show Answer
  The correct answer is A .