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 711: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 712: The characteristic of entry and exit ensures that firms Options:
  A) earn excess profit
  B) earn normal profit
  C) break-even
  D) expand their operations
  Show Answer
  The correct answer is B .
• Question 713: In the long run, a firm in a perfectly competitive market will make? Options:
  A) normal profit
  B) adnormal profit
  C) marginal profit
  D) no profit
  Show Answer
  The correct answer is A .
• Question 714: Increased output will cause farmers' revenue to decrease when market demand is? Options:
  A) elastic
  B) inelastic
  C) unitary elastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 715: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
  Show Answer
  The correct answer is A .
• Question 716: Which of these is a type of partnership in business? Options:
  A) Limited partnership
  B) limited liability company
  C) private partnership
  D) joint stock partnership
  Show Answer
  The correct answer is A .
• Question 717: If the income of a consumer rises and his demand for good X falls, good X can be described as Options:
  A) a normal good
  B) an adnoral good
  C) a good with inelastic demand
  D) a good with unitary elastic demand
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 718: We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because Options:
  A) it is the dependent population of Nigeria, economically
  B) all student in Nigeria are in this group
  C) more than 50% of all Nigerians are in this group
  D) it is the most expensive group of the economy
  E) it is the productive group of the economy
  Show Answer
  The correct answer is E .
• Question 719: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 720: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .