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: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 2: there is an improvement in the terms of trade of a country if? Options:
  A) a large quantity of exports is given up to obtain a unit of imports
  B) the volume of exports is greater than the volume of imports
  C) a smaller quantity of exports is given up to obtain a unit of imports
  D) the value of exports is greater than the value of imports
  Show Answer
  The correct answer is D .
• Question 3: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .
• Question 4: The Nigerian Trust Fund is managed on behalf of Nigeria by the? Options:
  A) World Bank
  B) International Monetary Fund
  C) African Development Bank
  D) Economic Commission for Africa
  Show Answer
  The correct answer is C .
• Question 5: A characteristic of the average fixed cost is that, it? Options:
  A) rises and falls faster than the marginal cost
  B) is U-shaped and intersects the price axis
  C) is always higher than the average variable cost
  D) falls continuously but is never equal to zero
  Show Answer
  The correct answer is D .
• Question 6: Which of the following is the cheapest for the government in improving the welfare of its citizens? Options:
  A) Subsidy
  B) Income supplement
  C) Donation to specific projects
  D) Wages increase
  Show Answer
  The correct answer is C .
• Question 7: Which of the following is not true of the theory of optimum population? Options:
  A) It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
  B) The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
  C) The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
  D) The test for over-population is whether it exceed the optimum
  E) It is possible for a thinly populated country to be over populated if it has a poor supply of other factor
  Show Answer
  The correct answer is B .
• Question 8: A firm is said to be a public Joint Stock Company when it? Options:
  A) is owned by the government
  B) is operated as a public corporation
  C) is operated in a non-democratic fashion
  D) sells shares to members of the public and publishes its account
  E) is a limited liability company
  Show Answer
  The correct answer is D .
• Question 9:

  

  The average total cost when output is 200 units in the table aboveis

  Options:
  A) N1.00
  B) N2.0
  C) N1.40
  D) N2.40
  Show Answer
  The correct answer is B .
• 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 .