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 2211: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 2212: If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the? Options:
  A) marginal revenue of the enterprise
  B) marginal revenue product of labour in the enterprise
  C) average revenue of the enterprise
  D) marginal cost of production
  Show Answer
  The correct answer is B .
• Question 2213: One of the objectives of Nigeria's current population policy is to? Options:
  A) reduce the birth rate
  B) reduce the emmigration rate
  C) increase the birth rate
  D) enhance longevity
  Show Answer
  The correct answer is A .
• Question 2214: Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct? Options:
  A) The value of industrial exports is declining
  B) The value of industrial imports is constant
  C) The share of agricultural exports is increasing
  D) The share of agricultural export is decreasing
  E) The value of mineral export is declining
  Show Answer
  The correct answer is D .
• Question 2215: In the long run a firm will leave an industry if price? Options:
  A) does not cover at at least Average Total Cost
  B) is not equal to Marginal Cost
  C) is higher than Average Varriable Cost
  D) is not at least equal to the minimum of Marginal Cost curve
  Show Answer
  The correct answer is B .
• Question 2216:

  ..................... is the highest body in ECOWAS organogram

  Options:
  A) Authority of Head of State and Government
  B) The Executive Secretariat
  C) The Defense Council
  D) Council of Ministers
  Show Answer
  The correct answer is A .
• Question 2217: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
  Show Answer
  The correct answer is C .
• Question 2218: When total revenue is at a maximum, marginal revenue is? Options:
  A) constant
  B) negative
  C) zero
  D) positive
  E) maximum
  Show Answer
  The correct answer is C .
• Question 2219: At the point where marginal revenue of a monopolist is equal zero, its total revenue will be? Options:
  A) falling
  B) rising
  C) equal to zero
  D) maximum
  Show Answer
  The correct answer is A .
• Question 2220: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
  Show Answer
  The correct answer is D .