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 1211: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 1212: Rent and administrative expenses are examples of Options:
  A) average fixed costs
  B) average variable costs
  C) fixed costs
  D) variable costs
  Show Answer
  The correct answer is C .
• Question 1213:

  

  Determine the marginal revenue ifthe total revenue is ₦80.00

  Options:
  A) ₦16.00
  B) ₦12.00
  C) ₦14.00
  D) ₦18.00
  Show Answer
  The correct answer is B .
• Question 1214:

  As a factor of production, the reward for land is?

  Options:
  A) Profit
  B) Interest
  C) Rent
  D) Wage
  Show Answer
  The correct answer is C .
• Question 1215:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .
• Question 1216: In any set of data, median represents the Options:
  A) value that is most representative of the data
  B) mid-position when the values are arranged in ascending or descending order
  C) mid-position when the values are arranged randomly
  D) difference between the highest and the lowest values when arranged in ascending order
  Show Answer
  The correct answer is B .
• Question 1217:

  The privatization of public enterprises will lead to efficient management of resources in the economy.

  This statement can best be described as

  Options:
  A) normative reasoning
  B) inductive reasoning
  C) deductive reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 1218:

  

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .
• Question 1219: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 1220:

  Surplus in balance of payments leads to ________

  Options:
  A) Government budget surplus
  B) Increase in foreign reserves
  C) Decrease in foreign reserves
  D) None of the above
  Show Answer
  The correct answer is B .