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 1621: The purpose of conducting a census is to enable a country to Options:
  A) plan her capital inflow and outflow
  B) determine the optimum level of population
  C) determine the growth rate of population
  D) plan her growth and development
  Show Answer
  The correct answer is D .
• Question 1622:

  $\begin{array}{ccccc}\text{Units of labour}& \text{Fixed capital}& \text{Total product}& \text{Average product}& \text{Marginal product}\\ 0& 10& -& -& -\\ 1& 10& 10& 10& 10\\ 2& 10& 25& ?& 15\\ 3& 10& 50& 16.7& 25\\ 4& 10& 80& 20.0& 30\\ 5& 10& 106& 21.2& 26\end{array}$

  Calculate the average product when the 2nd labour was employed 12.5

  Options:
  A) 12.5
  B) 12
  C) 15
  D) 10
  Show Answer
  The correct answer is A .
• Question 1623: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
  Show Answer
  The correct answer is B .
• Question 1624:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 1625:

  The production cost that varies inversely with output is the

  Options:
  A) total fixed cost
  B) marginal cost
  C) average fixed cost
  D) average cost
  Show Answer
  The correct answer is D .
• Question 1626:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 1627:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .
• Question 1628:

  

  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 1629:

  

  If the pass mark was 40. how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1630:

  One of the techniques of monetary control used by the central bank of Nigeria is

  Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .