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 1141: Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs? Options:
  A) 20
  B) 15
  C) 50
  D) 30
  Show Answer
  The correct answer is A .
• Question 1142: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
  Show Answer
  The correct answer is B .
• Question 1143: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
  Show Answer
  The correct answer is D .
• Question 1144: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 1145: In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its? Options:
  A) lowest point
  B) middle point
  C) maximum point
  D) downward slopping section
  Show Answer
  The correct answer is A .
• Question 1146:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1147: A rightward shift of the budget line is caused by a Options:
  A) fall in consumer income
  B) change in consumer taste
  C) fall in the commodity relative price
  D) rise in the commodity relative price
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  The correct answer is D .
• Question 1148: In which situation is it likely that the demand for labour would be inelastic? Options:
  A) Labour and capital are close substitutes
  B) Labour costs are only a small proportion of total costs
  C) Demand for the final product that the labour produces is elastic
  D) A large quantity of unemployed labour is available in the economy
  Show Answer
  The correct answer is B .
• Question 1149: The movement of goods and services from the producers to the consumers is referred to as Options:
  A) external trade
  B) the distribution chain
  C) the circular flow
  D) consumption
  Show Answer
  The correct answer is B .
• Question 1150:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .