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 1: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .
• Question 2: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 3:

  When a generalization is made based on observed facts, it is

  Options:
  A) inductive reasoning
  B) normative reasoning
  C) theoretical reasoning
  D) deductive reasoning
  Show Answer
  The correct answer is A .
• Question 4:

  

  If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are

  Options:
  A) complementary goods
  B) substitutes
  C) inferior goods
  D) luxury goods
  Show Answer
  The correct answer is B .
• Question 5: Which of the following is NOT among the canons of taxation as set out by Adam Smith? Options:
  A) Equality
  B) Security
  C) Certainty
  D) Convenience
  E) Economy
  Show Answer
  The correct answer is B .
• Question 6:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .
• Question 7: A country's terms of trade can be improved by________? Options:
  A) Revaluation of currency
  B) Collective bargaining
  C) Reducing demand for imported goods
  D) Imposing lower export duties
  Show Answer
  The correct answer is C .
• Question 8: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 9:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 10:

  If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?

  Options:
  A) 1.14
  B) 7.1
  C) 14.1
  D) 1.7
  Show Answer
  The correct answer is A .