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 131: Cross elasticity of demand can be mathematically expressed as the Options:
  A) $\frac{\text{\% change in quantity of commodity X}}{\text{\% change in quantity of commodity Y}}$
  B) $\frac{\text{\% change in quantity demanded}}{\text{\% change in price}}$
  C) $\frac{\text{\% change in quantity demanded of commodity X}}{\text{\% change in price of commodity Y}}$
  D) $\frac{\text{\% change in quantity demanded}}{\text{\% change in income}}$
  Show Answer
  The correct answer is C .
• Question 132: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 133: The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is Options:
  A) 6
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is B .
• Question 134: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .
• Question 135: Net National Product is derived by deducting Options:
  A) net exports from GNP
  B) subsidies from GDP
  C) taxes from GDP
  D) depreciation from GNP
  Show Answer
  The correct answer is D .
• Question 136: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
  Show Answer
  The correct answer is C .
• Question 137: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 138:

  Which of the following is an example of free good?

  Options:
  A) Free education
  B) Water in the ocean
  C) Dinner you did not pay for
  D) Your rented apartment
  Show Answer
  The correct answer is B .
• Question 139:

  

  The diagram above shows the effect of

  Options:
  A) excess demand over supply at q₃
  B) excess supply over demand at q₂
  C) minimum price legislation at P₂
  D) maximum price legislation at P₂
  Show Answer
  The correct answer is A .
• Question 140: A firm achieves least-cost in production by substituting factors until? Options:
  A) their prices are equal
  B) the ratio of their marginal -physical-products equals the ratio of their prices
  C) their marginal -physical-products are each equal to their factor prices
  D) their marginal -physical-products are each equal to zero
  Show Answer
  The correct answer is B .