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 1211: If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the Options:
  A) average variable cost is minimum
  B) marginal cost is falling
  C) average cost is minimum
  D) average fixed cost is falling
  Show Answer
  The correct answer is C .
• Question 1212: Net National Product is derived by deducting Options:
  A) net exports from GNP
  B) subsidies from GDP
  C) taxes from GDP
  D) depreciation from GNP
  Show Answer
  The correct answer is D .
• Question 1213:

  The sufficient condition for a firm to be in equilibrium is that the

  Options:
  A) firm must show that it is profitable
  B) marginal cost must be equal to average revenue
  C) marginal revenue curve is above the average revenue curve
  D) marginal cost curve cuts the marginal revenue curve from below
  Show Answer
  The correct answer is D .
• Question 1214: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 1215: What to produce in any society is determined by the? Options:
  A) expenditure of the people on different commodities
  B) competition among the different producers
  C) competition among the different consumers
  D) supply and demand in the factor markets
  Show Answer
  The correct answer is D .
• Question 1216: The country will be over populated when Options:
  A) the rate of birth is high
  B) the death rate is low
  C) the growth rate is high
  D) population is increasing more than resources in the country
  E) unemployement is high in the country
  Show Answer
  The correct answer is D .
• Question 1217: If MPC = 2/3 and investment is N100 million, the level of national income is Options:
  A) N100 million
  B) N10 million
  C) N303 million
  D) N300 million
  Show Answer
  The correct answer is D .
• Question 1218: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
  Show Answer
  The correct answer is A .
• Question 1219:

  Indicator of underdevelopment is

  Options:
  A) high life expectancy
  B) low birth rate
  C) low population growth rate
  D) low per capita income
  Show Answer
  The correct answer is D .
• Question 1220: Petroleum has the following positive contributions to the Nigerian economy except Options:
  A) Generate employment
  B) Source of government revenue
  C) development of mono economy
  D) Infrastructure development
  Show Answer
  The correct answer is C .