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: Production in Economics can be defined as the Options:
  A) totality of producing, buying and consuming
  B) transformation of raw materials and services in order to provide ultimate utility
  C) transformation of raw materials and services in order to make maximum profit
  D) production of goods and services for consumption
  Show Answer
  The correct answer is D .
• Question 1212:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 1213: One disadvantage of sole proprietorship is its? Options:
  A) limited libility
  B) high profits
  C) high sense of ownership
  D) low credit rating
  E) low failure rate
  Show Answer
  The correct answer is D .
• Question 1214:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1215: The effect of an increase in the personal income tax is to Options:
  A) reduce unemployment
  B) raise the absolute price level
  C) reduce the disposable income
  D) distort the economy
  Show Answer
  The correct answer is C .
• Question 1216: The major determinant of cross elasticity of demand is the Options:
  A) price of the good
  B) degree of necessity of the good
  C) level of income of consumers
  D) closeness of the substitutes
  Show Answer
  The correct answer is D .
• Question 1217:

  

  The long-run equilibrium price and quantity forthe firm are respectively

  Options:
  A) OP, OY
  B) OR, OZ
  C) OR, OX
  D) OQ, OZ
  Show Answer
  The correct answer is C .
• Question 1218: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• Question 1219: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 1220:

  The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

  Options:
  A) granting long-term loans
  B) assisting with technical expertise
  C) reducing tariff among members
  D) developing human resource
  Show Answer
  The correct answer is C .