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 171: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 172: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year Options:
  A) The population increased by 2.25million
  B) There were 2.25 million live births
  C) The government have to make provisions for 2.25 million children
  D) 2.25 million - children were born
  Show Answer
  The correct answer is A .
• Question 173: In the long run, one of the characteristics of monopolistic competitive firms is that they Options:
  A) make abnormal profits
  B) suffer losses
  C) make normal profits
  D) collude with each other
  Show Answer
  The correct answer is C .
• Question 174: Government in West Africa countries engage in running a number of enterprises because ? Options:
  A) Large amount of capital are needed and key industries should not be left in private hands
  B) Private capital would not established an adequate infrastructure
  C) It brings about a more even distribution of the country’s wealth
  D) The social costs of some enterprises make the government the most suitable body to set them up
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 175: The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect Options:
  A) Industries producing baby food and clothing
  B) Industries owned by infants
  C) Newly set-up industries
  D) Industries in which infants will be taken care of
  E) Industries that behave like infants
  Show Answer
  The correct answer is C .
• Question 176: 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 177: If a total cost curve is plotted, marginal cost can be illustrated by the? Options:
  A) slope of the tangent to the curve at any given output
  B) U-shaped curve cutting the total cost curve at its lowest point
  C) straight line from the origin to the mid-point of the curve
  D) straight line cutting the curve at its highest point
  Show Answer
  The correct answer is B .
• Question 178: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 179: When the importation of a commodity is limited to a definite quantity, the trade control means used is known as Options:
  A) exchange control
  B) tax relief
  C) devaluation
  D) quotas
  Show Answer
  The correct answer is D .
• Question 180: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .