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 1201: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
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  The correct answer is C .
• Question 1202:

  The demand for money will fall if

  Options:
  A) People expect deflation soon
  B) Real GDP rises
  C) Real interest rates rise
  D) The GDP deflator rises
  Show Answer
  The correct answer is C .
• Question 1203: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
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  The correct answer is A .
• Question 1204: For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be? Options:
  A) downward sloping and price inelastic
  B) perfectly price elastic
  C) downward sloping but price inelastic
  D) perfectly price inelastic
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  The correct answer is B .
• Question 1205: When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are? Options:
  A) zero and decreasing
  B) decreasing and zero
  C) negative and decreasing
  D) both at their maximum
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  The correct answer is A .
• Question 1206: A central argument of cardinal utility is that utility is? Options:
  A) measurable
  B) psychological
  C) ranked
  D) intangible
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  The correct answer is A .
• Question 1207:

  

  From the table above, the average product of the 3rd unit of labour is

  Options:
  A) 50
  B) 70
  C) 350
  D) 150
  Show Answer
  The correct answer is A .
• Question 1208: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
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  The correct answer is B .
• Question 1209: At the consumer equilibrium, the slope of the indifference curve is? Options:
  A) half the slope of the budget constraint line
  B) equal to the slope of the budget constraint line
  C) greater than the slope of the budget constraint line
  D) less than the slope of the budget constraint line
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  The correct answer is B .
• Question 1210: A normal supply curve is usually positively sloped because the relationship between Options:
  A) price and supply is positive
  B) demand and price is positive
  C) supply and price is negative
  D) price and demand is negative
  Show Answer
  The correct answer is A .