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 1051:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 1052: Opportunity cost is a term which describe Options:
  A) The initial cost of setting up a business venture
  B) Cost of one product in terms of foregone production of others
  C) The monetary equivalent of the utility of commodity
  D) Cost related to an optimum level of production
  E) Implicit cost
  Show Answer
  The correct answer is B .
• Question 1053: The theory of comparative cost advantage is associated with Options:
  A) Adam Smith
  B) Reverend Thomas Malthus
  C) Professor trum fisher
  D) David Ricardo
  Show Answer
  The correct answer is D .
• Question 1054: Commercial bank reserves at the Central Bank have the effect of? Options:
  A) controlling credit and money supply
  B) discouraging banking operations
  C) advancing trade prospects
  D) reducing bank frauds
  Show Answer
  The correct answer is A .
• Question 1055:

  $\begin{array}{ccc}\text{Output produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  Using the table above, the ATC at 30 units of output is

  Options:
  A) ₦3.00
  B) ₦4.00
  C) ₦60.00
  D) ₦120.00
  Show Answer
  The correct answer is B .
• Question 1056: If real income increases while nominal income remains the same, it can be inferred that Options:
  A) Unemployment rate has decreased
  B) General prices has fallen
  C) Employment rate has risen
  D) General prices have risen
  Show Answer
  The correct answer is B .
• Question 1057: By advertising, a monopolistic competitive firm tries to shift its Options:
  A) supply curve to the right
  B) demand curve to the right
  C) supply curve to the left
  D) demand curve to the left
  Show Answer
  The correct answer is B .
• Question 1058:

  The transfer of public share holding in corporations to private enterprise is___________?

  Options:
  A) Incorporation
  B) Concession
  C) Privatization
  D) Commercialization
  Show Answer
  The correct answer is C .
• Question 1059: The three groups of government revenue are? Options:
  A) investment income, direct tax and indirect tax
  B) imports duties, excise tax and export duties
  C) company tax, personal income tax and import duties
  D) company tax, import duties and excise tax
  Show Answer
  The correct answer is A .
• Question 1060: One of the effects of instability in farmer's income in Nigeria is Options:
  A) lack of infrastructural facilities
  B) rural-urban migration
  C) inadequate supply of fertilizer
  D) low level of technology
  Show Answer
  The correct answer is B .