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 1231:

  $\begin{array}{cc}\text{Quantity of singlets}& \text{Short run total costs(N)}\\ 0& 1,000\\ 10& 1,200\\ 20& 1,400\\ 30& 1,600\\ 40& 1,800\end{array}$

  The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

  Options:
  A) N1000
  B) N400
  C) N70
  D) N20
  Show Answer
  The correct answer is D .
• Question 1232: All the following are the objectives of economic planning EXCEPT to Options:
  A) reduce the rate of inflation and achieve stable value for the naira
  B) encourage inflow of public and private capital
  C) evolve a sequential political transition and enthronement of popular government
  D) reduce economic dependence on foreign nations
  E) achieve full employment
  Show Answer
  The correct answer is C .
• Question 1233: If commodity X is a by-product of commodity Y , this implies that both commodities are Options:
  A) in competitive supply
  B) in composite supply
  C) jointly supplied
  D) in excess supply
  Show Answer
  The correct answer is B .
• Question 1234: In a textile factory, the cost of cotton used is a typical example of Options:
  A) an average cost
  B) a variable cost
  C) a fixed cost
  D) a total cost
  Show Answer
  The correct answer is B .
• Question 1235:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1236: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .
• Question 1237: In Nigeria, most agricultural policies are aimed at______? Options:
  A) Ensuring equitable distribution of income
  B) Liberalizing all sectors of the nation's economy
  C) Encouraging the development of manufacturing sector
  D) Achieving self-sufficiency in food production
  Show Answer
  The correct answer is D .
• Question 1238:

  The assumptions of the principles of comparative cost advantage is based onI. Absence of Trade Restrictions

  II. No transport costs

  III. Constant technology

  Options:
  A) II & III only
  B) I & II only
  C) I, II & III only
  D) II only
  E) III only
  Show Answer
  The correct answer is B .
• Question 1239: Development plans fail in Nigeria mainly because of Options:
  A) Corruption and political instability
  B) Over-dependence on foreign aid
  C) High cost of plan implementation
  D) Shortage of personnel
  Show Answer
  The correct answer is A .
• Question 1240: The law of diminishing marginal utility explains why Options:
  A) the slope of a normal demand curve is negative
  B) an abnormal demand curve slopes upwards
  C) the slope of a normal demand curve is positive
  D) the consumption of inferior goods increases with income
  Show Answer
  The correct answer is A .