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 131:

  If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

  Options:
  A) 2
  B) 4
  C) 5
  D) 3
  Show Answer
  The correct answer is D .
• Question 132: The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to? Options:
  A) increase their output
  B) decrease their output
  C) keep their output constant
  D) hoard their output
  Show Answer
  The correct answer is A .
• Question 133:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 134: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 135: Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs? Options:
  A) Interest rates
  B) Opportunity costs
  C) Economic rent
  D) Indirect costs
  E) Wages
  Show Answer
  The correct answer is C .
• Question 136:

  $\begin{array}{ccccc}\text{Units of labour}& \text{Fixed capital}& \text{Total product}& \text{Average product}& \text{Marginal product}\\ 0& 10& -& -& -\\ 1& 10& 10& 10& 10\\ 2& 10& 25& ?& 15\\ 3& 10& 50& 16.7& 25\\ 4& 10& 80& 20.0& 30\\ 5& 10& 106& 21.2& 26\end{array}$

  Calculate the average product when the 2nd labour was employed 12.5

  Options:
  A) 12.5
  B) 12
  C) 15
  D) 10
  Show Answer
  The correct answer is A .
• Question 137: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .
• Question 138:

  When a member's currency is declared "scarce", it is the duty of the IMF to______

  Options:
  A) suspend the member state indefinitely
  B) ban all exports from that state
  C) suspend dealings in that currency for one year
  D) ration it among the countries demanding it
  Show Answer
  The correct answer is D .
• Question 139: Long-run production is called Options:
  A) diminsihing returns to scale
  B) returns to scale
  C) external economies of scale
  D) economies of scale
  Show Answer
  The correct answer is D .
• Question 140: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .