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 601: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
  Show Answer
  The correct answer is D .
• Question 602: If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be? Options:
  A) 6.00 tonnes
  B) 5.68 tonnes
  C) 0.60 ton
  D) 0.57 ton
  Show Answer
  The correct answer is B .
• Question 603: A high rent on land will affect the cost of producing maize Options:
  A) at the early stage of production
  B) negatively
  C) at the later stage of population
  D) positively
  Show Answer
  The correct answer is B .
• Question 604: One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to? Options:
  A) demand for increased special deposit
  B) decrease the cash ratio
  C) buy securities in the open market
  D) reduce the rate of interests at which banks borrow from it
  Show Answer
  The correct answer is A .
• Question 605:

  As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

  Options:
  A) Input
  B) Commodities
  C) Output
  D) Factors
  Show Answer
  The correct answer is C .
• Question 606: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
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  The correct answer is D .
• Question 607:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 608: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .
• Question 609:

  

  The curve labeled II illustrates a system of taxation

  Options:
  A) proportional tax
  B) regressive tax
  C) value added
  D) progressive tax
  Show Answer
  The correct answer is A .
• Question 610: The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes? Options:
  A) a fixed cost
  B) an implicit cost
  C) a variable cost
  D) a prime cost
  Show Answer
  The correct answer is B .