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 1011:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 1012:

  Consider the diagram below which shows a demand curve (d).

  Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

  Options:
  A) The area VWX
  B) The area XTUV
  C) $\frac{XW}{XT}$
  D) $\frac{TU}{UV}$
  Show Answer
  The correct answer is A .
• Question 1013: The optimal range of output for a perfectly competitive firm is Options:
  A) AC is lowest
  B) AVC is lowest
  C) MC is rising
  D) MC is falling
  Show Answer
  The correct answer is B .
• Question 1014:

  

  In a price-taking firm, the portion UT above is the firm's

  Options:
  A) average revenue curve
  B) Long-run average cost curve
  C) demand curve
  D) supply curve
  Show Answer
  The correct answer is B .
• Question 1015: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 1016: The theoretical relationship between money supply and prices is weakened by changes in the Options:
  A) money supply
  B) general price level
  C) velocity of money
  D) interest rate
  Show Answer
  The correct answer is B .
• Question 1017: Joint-stock companies can raise funds from Options:
  A) the money market
  B) the capital market
  C) various sources
  D) government
  Show Answer
  The correct answer is C .
• Question 1018:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .
• Question 1019: Comparative cost doctrine of international trade means specialization in production Options:
  A) according to absolute cost advantage
  B) according to absolute cost disadvantage
  C) according to comparative cost disadvantage
  D) according to comparative cost advantage
  E) on the basis of the availability of labour
  Show Answer
  The correct answer is D .
• Question 1020: At the point of profit maximization by a firm, marginal cost is? Options:
  A) minimum
  B) falling
  C) constant
  D) rising
  Show Answer
  The correct answer is D .