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 the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the Options:
  A) average variable cost is minimum
  B) marginal cost is falling
  C) average cost is minimum
  D) average fixed cost is falling
  Show Answer
  The correct answer is C .
• Question 2: The survival of a partnership depends on Options:
  A) the managerial ability of the partners
  B) access to finance
  C) the goodwill of the partners
  D) political stability
  Show Answer
  The correct answer is A .
• Question 3: A major shortcoming of the sole proprietorship form of business is lack of? Options:
  A) working capital
  B) patronage
  C) continuity
  D) market
  Show Answer
  The correct answer is C .
• Question 4: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .
• Question 5:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 6: Let P _x represent the price of exports and P_m the price of imports. Then the terms of trade (TOT) are said to be favourable if Options:
  A) $\frac{Px}{Pm}$
  B) $\frac{Px}{Pm}$=1
  C) $\frac{Px}{Pm}$>1
  D) $\frac{Px}{Pm}$+1
  Show Answer
  The correct answer is C .
• Question 7: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
  Show Answer
  The correct answer is A .
• Question 8:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 9:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 10:

  

  Determine the marginal revenue ifthe total revenue is ₦80.00

  Options:
  A) ₦16.00
  B) ₦12.00
  C) ₦14.00
  D) ₦18.00
  Show Answer
  The correct answer is B .