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 1301: In a free market system, trading can only take place when the? Options:
  A) market is not working effectively
  B) equilibrium price is attained
  C) price of a commodity tends to attract consumers
  D) consumers sovereignty is lacking
  Show Answer
  The correct answer is B .
• Question 1302: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
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  The correct answer is A .
• Question 1303: 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
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  The correct answer is B .
• Question 1304:

  A firm is at its optimum size when ___________

  Options:
  A) It has a motive to increase output
  B) It produces the greatest output at a minimum cost
  C) Marginal cost equals marginal revenue
  D) Marginal cost is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 1305:

  A budget with a projected revenue in excess of its expenditure is said to be?

  Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 1306: A situation in which all inputs are doubled and output also doubles is known as? Options:
  A) constant proportions
  B) constant returns
  C) increasing returns to scale
  D) constant returns to scale
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  The correct answer is D .
• Question 1307:

  In the long run, all production factors are____________

  Options:
  A) variable
  B) fixed
  C) semi-variable
  D) semi-fixed
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  The correct answer is A .
• Question 1308: Optimum population is the population level at which? Options:
  A) death rate is at a minimum
  B) per capita income is at a maximum
  C) population is at a maximum
  D) death rate is equal to birth rate
  Show Answer
  The correct answer is B .
• Question 1309: The factor of production that has the highest degree of mobility is? Options:
  A) land
  B) labour
  C) capital
  D) enterpreneurship
  Show Answer
  The correct answer is B .
• Question 1310: Which sector can you say is growing fastest in the Nigeria economy? Options:
  A) Agriculture
  B) Industry
  C) Education
  D) Transport
  E) Labour
  Show Answer
  The correct answer is C .