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 1031: Which of the following is an example of derived demand? Options:
  A) Tax relief
  B) Labour
  C) Wage increase
  D) Entertainment
  Show Answer
  The correct answer is B .
• Question 1032:

  In the long-run, a firm must shut down if its average revenue is

  Options:
  A) greater than average cost
  B) less than average variable cost
  C) equal to the minimum average revenue is
  D) equal to the average cost
  Show Answer
  The correct answer is B .
• Question 1033: Which of the following will NOT be a barrier to international trade? Options:
  A) Communication hindrances
  B) Easy conversion of currencies
  C) Geographical locations
  D) Ideological differences
  E) Imposition of duties and quotas
  Show Answer
  The correct answer is B .
• Question 1034: Devaluation is effective when? Options:
  A) demand for imports is price inelastic
  B) demand for imports is neutral
  C) production for export is low
  D) demand for exports is price elastic
  Show Answer
  The correct answer is D .
• Question 1035:

  The most important cost curve for the firm is_________

  Options:
  A) MC
  B) AC
  C) TC
  D) FC
  Show Answer
  The correct answer is B .
• Question 1036: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .
• Question 1037:

  Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

  A	40%
  B	50%
  C	33%
  D	36%

  Which type of economy exists in these countries?

  Options:
  A) Traditional
  B) Planned
  C) Pure market
  D) Mixed
  Show Answer
  The correct answer is D .
• Question 1038: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 1039: Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is Options:
  A) rational
  B) consistent
  C) inconsistent
  D) transitive
  Show Answer
  The correct answer is C .
• Question 1040:

  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 .