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:

  A firm's average cost decreases in the long-run because of

  Options:
  A) increasing returns to scale
  B) diminishing average returns
  C) decreasing marginal returns
  D) decreasing average fixed cost
  Show Answer
  The correct answer is A .
• Question 1202: A monopolist is a Options:
  A) duopolist
  B) group of producers of related goods
  C) partnership business that produces a commodity with high demand
  D) single producer or seller of a commodity at cheap rate
  E) single producer or seller of a commodity that has no close substitute
  Show Answer
  The correct answer is E .
• Question 1203: Ranking is the method use in measuring Options:
  A) marginal utility
  B) ordinal utility
  C) cardinal utility
  D) total utility
  Show Answer
  The correct answer is B .
• Question 1204:

  

  In the diagram I refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .
• Question 1205: Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct? Options:
  A) The value of industrial exports is declining
  B) The value of industrial imports is constant
  C) The share of agricultural exports is increasing
  D) The share of agricultural export is decreasing
  E) The value of mineral export is declining
  Show Answer
  The correct answer is D .
• Question 1206:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 1207: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
  Show Answer
  The correct answer is A .
• Question 1208: A major determinant of the demand for a luxury goods is Options:
  A) the price of the goods
  B) the price of other goods
  C) the income of consumers
  D) tastes and fashion
  Show Answer
  The correct answer is A .
• Question 1209: The Lagos clearing house is Options:
  A) a commodity market
  B) an import licensing centre
  C) another name for the Lagos stock exchange
  D) an insurance and underwriting centre
  E) a cheque sorting centre
  Show Answer
  The correct answer is E .
• Question 1210: A huge national debt is an indication that the gold reserves of a nation has Options:
  A) appreciated
  B) decreased
  C) depreciated
  D) stagnated
  Show Answer
  The correct answer is D .