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 1821: If a firm doubles its output and its cost increase by 60%, the firm is experiencing Options:
  A) increase cost
  B) economies of scale
  C) decreasing returns
  D) decreasing cost
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1822: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .
• Question 1823: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 1824: A large standard deviation is an indication of Options:
  A) the size of the sample
  B) a wide spread around the mean
  C) a wide difference between the mean and the mode
  D) the difference between the highest and the lowest values
  Show Answer
  The correct answer is B .
• Question 1825: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .
• Question 1826: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
  Show Answer
  The correct answer is B .
• Question 1827: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .
• Question 1828: pricing and output decisions of sellers are highly interdependent in markets known as? Options:
  A) oligopoly
  B) perfect competition
  C) monopoly
  D) monopolistic competition
  E) imperfect competititon
  Show Answer
  The correct answer is A .
• Question 1829: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .
• Question 1830: 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 .