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 1391: In a demand curve, the relationship between price and quantity is? Options:
  A) indeterminate
  B) direct
  C) nil
  D) inverse
  Show Answer
  The correct answer is C .
• Question 1392:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1393: The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, Options:
  A) each successive unit of the variable factor brings about a decreasing marginal product
  B) each successive unit of the variable factor bring about equal increase in marginal product
  C) each successive unit of the variable factor bring about an increasing marginal product
  D) each successive unit of the variable factor bring about four time increase in marginal product
  E) each successive unit of the variable factor bring about more than equal increase in marginal product
  Show Answer
  The correct answer is B .
• Question 1394: Which of the following set of statistical tools is used for further economic analysis? Options:
  A) the median and standard deviation
  B) the mean and mode
  C) the mean and standard deviation
  D) the mode and median
  Show Answer
  The correct answer is B .
• Question 1395: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 1396: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
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  The correct answer is D .
• Question 1397: One of the dangers of the localization of industries is? Options:
  A) residual employment
  B) mass unemployment
  C) structural unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 1398: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1399: 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 1400: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .