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 1: In the long run, all production factors are? Options:
  A) fixed
  B) semi fixed
  C) variable
  D) semi-variable
  Show Answer
  The correct answer is C .
• Question 2: When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is Options:
  A) competitive demand
  B) complementary demand
  C) composite demand
  D) derived demand
  E) independent demand
  Show Answer
  The correct answer is A .
• Question 3:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 4: Average total cost can be expressed as Options:
  A) average fixed cost plus average variable cost
  B) change in total cost divided by change in output
  C) total fixed cost divided by total output
  D) total fixed cost plus total variable cost
  E) total variable cost divided by total output
  Show Answer
  The correct answer is A .
• Question 5:

  The Power Holding Company of Nigeria (PHCN) is a ________

  Options:
  A) Public limited company
  B) Private authority
  C) Public Corporation
  D) Public Liability company
  Show Answer
  The correct answer is C .
• Question 6:

  An increase in nominal income without increase in price will result to

  Options:
  A) increased real income
  B) increased GDP
  C) decreased real income
  D) decreased GNP
  Show Answer
  The correct answer is A .
• Question 7: If the demand for a good is more elastic than its supply, the tax burden is borne Options:
  A) equally by consumers and producers
  B) more by producers
  C) more by consumers
  D) more by retailers and producers
  Show Answer
  The correct answer is B .
• Question 8: The term ceteris paribus implies that Options:
  A) Resources are scarce
  B) Human problems can be solved
  C) Human beings are unpredictable
  D) All factors are fully utilized
  Show Answer
  The correct answer is D .
• Question 9: A set of factors that can shift the supply curve are changes in Options:
  A) weather, price and technology
  B) technology, weather and population
  C) technology, price and taste
  D) population, price and taste
  Show Answer
  The correct answer is B .
• Question 10: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .