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:

  

  Determine the marginal revenue ifthe total revenue is ₦80.00

  Options:
  A) ₦16.00
  B) ₦12.00
  C) ₦14.00
  D) ₦18.00
  Show Answer
  The correct answer is B .
• Question 1202:

  A minimum price legislation is also called

  Options:
  A) price ceiling
  B) price floor
  C) price control
  D) price mechanism
  Show Answer
  The correct answer is B .
• Question 1203:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 1204: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 1205: Every economy requires an accurate census because it assist in? Options:
  A) solving inflation problem
  B) providing a sound framework for policy formulation
  C) stimulating economic activities in the national economy
  D) solving unemployment problem
  Show Answer
  The correct answer is B .
• Question 1206: If 100 units and units of commodity X are supplied at N80 at different times, it means that there is Options:
  A) a change in supply
  B) a change in the quantity supplied
  C) an increase in the quantity supplied
  D) a increase in the quantity supplied
  Show Answer
  The correct answer is B .
• Question 1207: A major limiting factor of mass production is Options:
  A) efficient management
  B) adequate labour supply
  C) small size of the market
  D) adequate supply of raw materials
  Show Answer
  The correct answer is C .
• Question 1208:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .
• Question 1209: The short-run supply curve for medical doctors is more likely to be Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) fairly inelastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 1210:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .