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 851: 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 852: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .
• Question 853: In the long run a firm will leave an industry if price? Options:
  A) does not cover at at least Average Total Cost
  B) is not equal to Marginal Cost
  C) is higher than Average Varriable Cost
  D) is not at least equal to the minimum of Marginal Cost curve
  Show Answer
  The correct answer is B .
• Question 854:

  

  From the diagram, determine the profit-maximizing output

  Options:
  A) 600
  B) 800
  C) 900
  D) 1000
  Show Answer
  The correct answer is C .
• Question 855: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 856: A major disadvantage of a socialist economy is that Options:
  A) corruption is rampant
  B) consumer's sovereignty is lost
  C) income inequality is entrenched
  D) there is high level of unemployment
  Show Answer
  The correct answer is A .
• Question 857:

  

  When 20 units of output is produced, TC will be

  Options:
  A) ₦360
  B) ₦300
  C) ₦460
  D) ₦400
  Show Answer
  The correct answer is B .
• Question 858: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 859:

  A supply curve slopes upwards from the left to the right indicating__________

  Options:
  A) a negative slope
  B) a positive slope
  C) a backward sloping supply curve
  D) short-run supply curve
  Show Answer
  The correct answer is B .
• Question 860: One of the effects of instability in farmer's income in Nigeria is Options:
  A) lack of infrastructural facilities
  B) rural-urban migration
  C) inadequate supply of fertilizer
  D) low level of technology
  Show Answer
  The correct answer is B .