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: When marginal cost equals marginal revenue of products Options:
  A) the firms is producing at a loss
  B) the firm is at a break-even point
  C) the firm is making the least profit
  D) the supplementary cost of the firm is highest
  E) the firm has maximum profit
  Show Answer
  The correct answer is B .
• Question 1372: If quantity supplied is constant irrespective of price changes, the supply elasticity is Options:
  A) unitary
  B) infinity
  C) fairly elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 1373: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
  Show Answer
  The correct answer is B .
• Question 1374: A disadvantage of concentrating industries in an area is that it could? Options:
  A) lead to conclusion among the firms
  B) result in evironmental pollution
  C) bring about diseconomies of scale
  D) increase the cost of production
  Show Answer
  The correct answer is B .
• Question 1375: In a sole proprietorship, the decisions are made by the? Options:
  A) governmnet
  B) borad of directors
  C) management
  D) shareholders'conference
  E) owner
  Show Answer
  The correct answer is E .
• Question 1376:

  Averages cost (AC) equal to

  Options:
  A) AC_TC
  B) TC_AC
  C) TC_AVC
  D) TC_MC
  E) TC_Q
  Show Answer
  The correct answer is D .
• Question 1377:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1378: The concept of marginal utility indicates the relationship between utility and _________? Options:
  A) Price
  B) Satisfaction
  C) Cost
  D) Revenue
  Show Answer
  The correct answer is B .
• Question 1379:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 1380: If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to? Options:
  A) the size of population
  B) technical progress
  C) the environment
  D) the amount of natural resources
  Show Answer
  The correct answer is B .