JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

1. Question 301· Market structures· JAMB

   A market with a single seller of a product that has no close substitutes is

   • Amonopolistic competition
   • Bperfect competition
   • Can oligopoly
   • Da monopoly

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   Explanation and discussion

2. Question 302· Market structures· JAMB

   In oligopoly, a kinked demand curve helps to explain

   • Aperfect competition
   • Bprice rigidity
   • Cfree entry
   • Dzero profits

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3. Question 303· Market structures· JAMB

   Barriers to entry that protect a monopoly include

   • Aidentical products
   • Bmany small firms
   • Cfree information
   • Dpatents and control of raw materials

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   Explanation and discussion

4. Question 304· Market structures· WAEC

   A cinema charging students less than other adults for the same film is practising

   • Adumping
   • Bperfect competition
   • Cprice discrimination
   • Dprice control

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5. Question 305· Market structures· WAEC

   A market dominated by a few large sellers is

   • Aoligopoly
   • Bmonopolistic competition
   • Cperfect competition
   • Dmonopsony

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6. Question 306· Market structures· WAEC

   A monopolist maximises profit where

   • ATR is maximum
   • BAR = AC
   • CP = MC
   • DMC = MR

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7. Question 307· Market structures· WAEC

   Product differentiation through brand names is a feature of

   • Amonopolistic competition
   • Bperfect competition
   • Cpure monopoly
   • Dbarter

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8. Question 308· Market structures· JAMB

   A firm in perfect competition is a price taker because

   • Athe government fixes the price
   • Bthere are many firms selling identical products
   • Cit is the only seller
   • Dit advertises heavily

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9. Question 309· Market structures· JAMB

   In perfect competition, the demand curve facing a single firm is

   • Avertical
   • Bdownward sloping
   • Cperfectly elastic (horizontal)
   • Dupward sloping

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10. Question 310· Market structures· JAMB

    In the long run, firms in perfect competition earn

    • Amonopoly profit
    • Bsupernormal profit
    • Closses
    • Donly normal profit

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11. Question 311· Market structures· JAMB

    A monopolist's demand curve is

    • Ahorizontal
    • Bperfectly elastic
    • Cvertical
    • Dthe market demand curve, downward sloping

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12. Question 312· Market structures· JAMB

    Monopsony is a market with

    • Aone buyer
    • Bone seller
    • Ctwo sellers
    • Dmany buyers

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13. Question 313· Market structures· WAEC

    An oligopoly is a market with

    • Aone seller
    • Bmany small sellers
    • Ca few large sellers
    • Done buyer

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14. Question 314· Market structures· WAEC

    A market dominated by a few large firms, such as Nigeria's mobile telephone networks, is

    • Aa monopsony
    • Ba monopoly
    • Cperfect competition
    • Dan oligopoly

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15. Question 315· Market structures· JAMB

    Which of the following is a barrier to entry into an industry?

    • Afree information
    • Bmany small firms
    • Cpatents and licences
    • Dlow start-up costs

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16. Question 316· Market structures· WAEC

    A market with only one seller of a product that has no close substitute is

    • Aperfect competition
    • Ban oligopoly
    • Ca monopoly
    • Dmonopolistic competition

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17. Question 317· Market structures· JAMB

    Monopolistic competition is a market with

    • Aone seller
    • Bmany firms selling differentiated products
    • Ca few sellers of identical products
    • Done buyer

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18. Question 318· Market structures· WAEC

    Many tomato sellers in a market sell identical tomatoes, and none can change the market price. This market is close to

    • Aperfect competition
    • Bmonopoly
    • Coligopoly
    • Dmonopsony

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19. Question 319· Market structures· JAMB

    A market dominated by a few large sellers, such as the mobile phone network market in Nigeria, is

    • Aperfect competition
    • Ba monopoly
    • Can oligopoly
    • Da monopsony

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20. Question 320· Market structures· WAEC

    Product differentiation is a feature of

    • Apure monopoly
    • Bperfect competition
    • Cmonopolistic competition
    • Dmonopsony

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    Explanation and discussion