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 1371: As the level of output increases, the average fixed cost of a firm will Options:
  A) continue to decrease
  B) remain unchanged
  C) continue to increase
  D) be equal to the total cost
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  The correct answer is A .
• Question 1372: 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
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  The correct answer is D .
• Question 1373: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
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  The correct answer is B .
• Question 1374: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
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  The correct answer is A .
• Question 1375: Division of labour is limited by? Options:
  A) the size of market
  B) the productivity of capital
  C) cost of production
  D) the factors of production
  E) government policy
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  The correct answer is A .
• Question 1376: Completely competitive market exist when each member is a — Options:
  A) price maker
  B) price taker
  C) price seeker
  D) a and b
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  The correct answer is B .
• Question 1377: The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as Options:
  A) visible trade
  B) invisible trade
  C) balance of payments
  D) balance of trade
  E) terms of trade
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  The correct answer is C .
• Question 1378: In a free market economy, available resources are more efficiently allocated by complete reliance on? Options:
  A) development planning
  B) strategic planning
  C) capital budgeting
  D) price system
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  The correct answer is D .
• Question 1379: The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that? Options:
  A) there is a Government ban on the importation of beer
  B) beer distributors want more profit
  C) Nigeria is a large country
  D) middlemen hoard beer
  E) the demand for beer exceeds the supply
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  The correct answer is E .
• Question 1380: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
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  The correct answer is B .