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 1341: Which of the following is NOT directly concerned with dealings in treasury bills? Options:
  A) The stock exchange
  B) The Central bank
  C) Commercial banks
  D) Discount houses
  Show Answer
  The correct answer is D .
• Question 1342: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .
• Question 1343: Firms are often set up close to each other in order to take advantage of? Options:
  A) supply or skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 1344: One of the characteristics of monopolistic competition is that Options:
  A) there is mobility of factors of production
  B) no single seller dominates the market
  C) the firms are price-takers
  D) consumers have perfect knowledge of price
  Show Answer
  The correct answer is B .
• Question 1345:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1346:

  $$\begin{array}{|cccccccc|}\hline \text{Q (ton)}& 400& 500& 600& 700& 800& 900& 1000\\ \text{TC (N)}& 16000& 18000& 19800& 21000& 24000& 31500& 40000\\ \text{TR (N)}& 20000& 22500& 24000& 24500& 25000& 18000& 15000\\ \hline\end{array}$$

  The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

  Options:
  A) 400
  B) 500
  C) 600
  D) 700
  Show Answer
  The correct answer is B .
• Question 1347: In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced Options:
  A) N75.00
  B) N100
  C) N175.00
  D) N125.00
  Show Answer
  The correct answer is B .
• Question 1348:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1349: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 1350: Which of the following statements is true? Options:
  A) A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
  B) taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
  C) The sole proprietor is a legal entity
  D) the influence of demand on price will be smallest on the short run
  E) the cost of production is the most important determining factor of supply in the long run
  Show Answer
  The correct answer is A .