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 61: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
  Show Answer
  The correct answer is C .
• Question 62: Double counting is a problem in computing national income when using the Options:
  A) expenditure method
  B) income method
  C) output method
  D) value-added method
  Show Answer
  The correct answer is D .
• Question 63: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .
• Question 64: A shift in supply curve indicates that a different quantity will be supplied at each possible price because? Options:
  A) consumers are willing to pay higher prices
  B) supply is facing competition
  C) other factors than price have changed
  D) price has changed
  Show Answer
  The correct answer is C .
• Question 65: An important determinant of price elasticity of demand is Options:
  A) the state of technology
  B) the prices of other commodities
  C) the ease of substitution
  D) government policy
  Show Answer
  The correct answer is C .
• Question 66:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .
• Question 67:

  Among all the determinants of economic growth, the most important one is

  Options:
  A) Human capital
  B) Increased GDP
  C) Land and Natural resources
  D) Technologies
  Show Answer
  The correct answer is B .
• Question 68: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• Question 69:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 70: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .