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 441: At any given level of output, the total cost of a firm equals the? Options:
  A) marginal cost plus the average cost
  B) fixed costs less its varriable cost
  C) average cost multiplied by variable costs
  D) economic costs multiplied by variable costs
  Show Answer
  The correct answer is C .
• Question 442:

  A major disadvantage of a capitalist economy is that it

  Options:
  A) leads to low production of goods and services
  B) requires large number of officials to operate
  C) considers individual consumers' satisfaction
  D) worsens income inequality among the citizens
  Show Answer
  The correct answer is D .
• Question 443:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 444: With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the? Options:
  A) total utility derived from each goods and services is increasing at an increasing rate
  B) marginal utility derived from each good or service is increasing at the same rate
  C) marginal utility derived per naira spent is the same for all the goods and services
  D) total utility derived from all the goods and services is large
  Show Answer
  The correct answer is C .
• Question 445: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .
• Question 446:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .
• Question 447: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .
• Question 448: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 449: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
  Show Answer
  The correct answer is B .
• Question 450:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .