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 2131: A necessary condition for specialization in an economy is the existence of Options:
  A) a regulated market
  B) a competitive market
  C) a medium of exchange
  D) adequate capital
  Show Answer
  The correct answer is D .
• Question 2132: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 2133: the major objective of current campaign for family planning in Nigeria is to? Options:
  A) reduce the death rate
  B) limit the number of women a man can marry
  C) keep the population growth rate constant
  D) raise the standard of living of the population
  Show Answer
  The correct answer is D .
• Question 2134:

  Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

  Options:
  A) 208
  B) 104
  C) 54
  D) 4
  Show Answer
  The correct answer is B .
• Question 2135: The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal? Options:
  A) utility
  B) productivity
  C) rate of substitution
  D) revenue
  Show Answer
  The correct answer is B .
• Question 2136: An increase in both the legal reserve ratio and discount rate has the effect of? Options:
  A) increasing the quantity of money in circulation
  B) decreasing the quantity of money in circulation
  C) increasing the value of money
  D) decreasing the value of money
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  The correct answer is B .
• Question 2137: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
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  The correct answer is D .
• Question 2138:

  A method of analysis that draws conclusions from data rather than general Principles already known is________

  Options:
  A) Deductive reasoning
  B) Inductive reasoning
  C) Normative reasoning
  D) Positive reasoning
  Show Answer
  The correct answer is B .
• Question 2139: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
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  The correct answer is B .
• Question 2140: A firm will experience diseconomies of scale when Options:
  A) there are difficulties in coordinating production
  B) there is shortage in labour supply
  C) the size of market is small
  D) there is an increase in the price of raw materials
  Show Answer
  The correct answer is A .