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 641: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .
• Question 642: The labour force of a country is determined by the Options:
  A) age structure of the population
  B) geographical distribution of the population
  C) sex distribution of the population
  D) number of people available for work
  Show Answer
  The correct answer is A .
• Question 643: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .
• Question 644: A utility maximizing household will allocate its expenditure so that? Options:
  A) more naira is spent on commodities with the highest utility
  B) less naira is spent on commodities with the lowest utility
  C) the utility of the last naira spent on each commodity is equal
  D) the amount spent on each commodity is equal
  Show Answer
  The correct answer is C .
• Question 645:

  

  In the diagram above, the price P₂ in price control situation, is referred to as

  Options:
  A) minimum price
  B) markup price
  C) maximum price
  D) mark-down price
  Show Answer
  The correct answer is C .
• Question 646: In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is? Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 647: Which of the following alternatives will NOT assist in checking the population growth in West Africa countries? Options:
  A) Immigration
  B) Brith control measures, e.g. use of contraceptives
  C) Late marriage
  D) Creating more educational opportunities for women
  E) Sex education
  Show Answer
  The correct answer is A .
• Question 648: 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 649: In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the? Options:
  A) dependency is ratio high
  B) population is optimum
  C) active population is large
  D) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .
• Question 650:

  	Amount of labour days	Cocoa (tons)	Cloth (metres)
  Country I	200	600	900
  Country II	200	300	800

  Summary of production conditions in countries l and ll.

  From the table, we can correctly say in respect of international trade that

  Options:
  A) country I has absolute disadvantage in the production of both cocoa and cloth
  B) country I has absolute advantage in the prodcttion of both cocoa and cloth
  C) country ll has absolute advantage in the production of both cocoa and cloth
  D) country ll has a comparative advantage in the production of cocoa
  E) country ll should leave the production of both cocoa and cloth to country l.
  Show Answer
  The correct answer is B .