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:

  

  The flow labelled Y refers to

  Options:
  A) real income
  B) factor payment
  C) factor input
  D) national income
  Show Answer
  The correct answer is C .
• Question 1212: When a firm is reaping economies of large-scale production, it experiences a fall in its? Options:
  A) long-run marginal cost
  B) long-run average cost
  C) long-run total cost
  D) short-run marginal cost
  Show Answer
  The correct answer is B .
• Question 1213:

  

  In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

  Options:
  A) wholly by the supplier
  B) wholly by the consumer
  C) partly by the supplier and partly by the consumer
  D) wholly by the middlemen
  E) partly by stockholder and partly by consumer
  Show Answer
  The correct answer is B .
• Question 1214: When compared with a labour-intensive industry, a capital-intensive industry employs more? Options:
  A) workers than capital
  B) workers than machinery
  C) raw materials than capital
  D) machinery than workers
  Show Answer
  The correct answer is D .
• Question 1215:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 1216: The advantage of sole proprietorship is as follow Options:
  A) It is always successful
  B) Continuity is no problem
  C) Control and supervision is under one man
  D) Funds are easy to obtain
  E) Inter-generational equity is assured
  Show Answer
  The correct answer is C .
• Question 1217:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 1218: The condition for equilibrium price and quantity under perfect competition is? Options:
  A) MC = AR = TR
  B) TC =AR = P
  C) MC = AR = P
  D) MC = AR = TC
  Show Answer
  The correct answer is C .
• Question 1219: The law of variable proportions is also known as Options:
  A) law of demand
  B) law of diminishing returns
  C) law of diminishing marginal utility
  D) law of returns to scale
  Show Answer
  The correct answer is B .
• Question 1220: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .