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 1491:

  

  In which of the diagrams above, is the consumer surplus correctly shaded?

  Options:
  A) I
  B) II
  C) III
  D) IV
  Show Answer
  The correct answer is D .
• Question 1492: An isoquant lying above to the right of another represents Options:
  A) a higher output level
  B) constant returns to scale
  C) over-capacity utilization
  D) a lower output level
  Show Answer
  The correct answer is A .
• Question 1493:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 1494:

  

  In the diagram above, the total revenue of the monopolist is given by the area

  Options:
  A) OQ₁MP₂
  B) P₄MTP₁
  C) OQ₁ TP₁
  D) OQ₂SP₂
  Show Answer
  The correct answer is C .
• Question 1495: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
  Show Answer
  The correct answer is D .
• Question 1496: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 1497: If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as? Options:
  A) the productivity of labour
  B) the law of diminishing marginal utility
  C) the law diminishing returns
  D) the concept of factor intensity
  E) labour intensive production
  Show Answer
  The correct answer is C .
• Question 1498:

  By utility we mean________

  Options:
  A) Uselessness
  B) Power of satisfying a want
  C) Beneficial
  D) Consumable
  Show Answer
  The correct answer is B .
• Question 1499: The primary function of non-bank financial institutions is to Options:
  A) manage investment portfolios for government
  B) mobilize savings for investment
  C) grant loans to banks
  D) receive deposits from banks
  Show Answer
  The correct answer is B .
• Question 1500: Which of the following is NOT a feature of economic underdevelopment of a country? Options:
  A) A large number of High income earners relative to the population
  B) High annual income for the few
  C) High incidence of poverty
  D) Low daily calorie intake per person
  E) High infant mortality rate
  Show Answer
  The correct answer is A .