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 1111: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .
• Question 1112: Inflation can be curbed by Options:
  A) increasing aggregate demand
  B) paying higher wages
  C) increasing government expenditure
  D) reducing aggregate demand
  E) a deficit budget
  Show Answer
  The correct answer is D .
• Question 1113: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 1114: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
  Show Answer
  The correct answer is A .
• Question 1115:

  A rise in the supply of a commodity cause__________

  Options:
  A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
  B) an increase in both equilibrium
  C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
  D) a decrease in both equilibrium
  Show Answer
  The correct answer is C .
• Question 1116:

  $\begin{array}{ccc}\text{Out put produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  At 60 units of output, the AVC is

  Options:
  A) ₦2.50
  B) ₦1.50
  C) ₦90.00
  D) ₦150.00
  Show Answer
  The correct answer is B .
• Question 1117: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
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  The correct answer is D .
• Question 1118: Economist speak about 'opportunity cost' when a person Options:
  A) has the opporunity to attain a high degree of cost minimization
  B) has to forego one thing in order to have another
  C) can equate his fixed costs with his variable costs
  D) is able to run his business without much expenditure
  E) has to maximize utility in order to maintain a high standard of living
  Show Answer
  The correct answer is B .
• Question 1119: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
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  The correct answer is B .
• Question 1120: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
  Show Answer
  The correct answer is A .