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: The average product of labour in a given period is obtained by dividing the? Options:
  A) number of workers by the total product
  B) total product by the number of hours actually worked
  C) change in total product by the change in the number of workers
  D) total product by the number of workers
  Show Answer
  The correct answer is D .
• Question 132: The main objective of the Economic Community of West African State is to? Options:
  A) estabilish a West African Development Bank
  B) create a West African army
  C) introduce a common currency for the sub-region
  D) promote the free movement of persons, goods and services within the sub-region
  Show Answer
  The correct answer is D .
• Question 133: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 134:

  What form of market is found in an imperfect competition where there are few buyers and many sellers

  Options:
  A) monopoly
  B) oligopoly
  C) duopoly
  D) oligopsony
  Show Answer
  The correct answer is D .
• Question 135: A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee? Options:
  A) 0.02 tonnes
  B) 0.2 tonnes
  C) 2 tonnes
  D) 20 tonnes
  E) 200 tonnes
  Show Answer
  The correct answer is C .
• Question 136: Which of the following is an example of derived demand? Options:
  A) Tax relief
  B) Labour
  C) Wage increase
  D) Entertainment
  Show Answer
  The correct answer is B .
• Question 137: Both in the short run and in the long run, a firm maximizes its profits when? Options:
  A) MC = MR
  B) AC = MC
  C) AVC = AC
  D) MC = AVC
  Show Answer
  The correct answer is A .
• Question 138:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 139:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 140: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .