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: If quantity supplied is constant irrespective of price changes, the supply elasticity is Options:
  A) unitary
  B) infinity
  C) fairly elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 2: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 3: In a solo proprietorship, decisions are made by the Options:
  A) board of directors
  B) government
  C) management
  D) owner
  E) shareholders
  Show Answer
  The correct answer is D .
• Question 4: When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of? Options:
  A) Nigeria's invisible export trade
  B) Nigeria's import trade
  C) Nigeria's invisble trade
  D) foreign capital inflow into Nigeria
  Show Answer
  The correct answer is A .
• Question 5:

  Local firms can help in reducing unemployment in a country when

  Options:
  A) land acquisition becomes centralized
  B) imports of substitutes are reduced
  C) waste in the firm is eliminated
  D) subsidies to firms are decreased
  Show Answer
  The correct answer is B .
• Question 6:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 7: ECOWAS secretariat is located in Options:
  A) Abuja, Nigeria
  B) Accra, Ghana
  C) Conakry, Guinea
  D) Freetown, Sierra Leone
  E) Monrovia, Liberia V
  Show Answer
  The correct answer is A .
• Question 8: A commercial bank is able to create money Options:
  A) by printing it
  B) by maintaining reserve
  C) by creating a demand deposit as it gives a new loan
  D) by issuing cheques to depositors
  E) by borrowing from the central bank
  Show Answer
  The correct answer is C .
• Question 9: The short-run equilibrium in a perfectly competitive market requires that? Options:
  A) marginal cost be equal to total revenue
  B) marginal cost and marginal revenue be equal
  C) costs are mutually determined by buyers and sellers
  D) the marginal cost curve cuts the total cost curve
  Show Answer
  The correct answer is A .
• Question 10: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .