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 1411:

  

  From the Diagram above, the optimal point of production is

  Options:
  A) R
  B) T
  C) U
  D) S
  Show Answer
  The correct answer is D .
• Question 1412: An entrepreneur will continue to employ labour up to a point where? Options:
  A) costs are minimized
  B) maximized efficiency is attained
  C) wages are equal to marginal product of labour
  D) marginal product of labour is equal to zero
  Show Answer
  The correct answer is C .
• Question 1413: The decision of whether to use labour or capital intensive techniques in production process is a problem of Options:
  A) for whom to produce
  B) how to produce
  C) resource allocation
  D) what to produce
  E) when to produce
  Show Answer
  The correct answer is B .
• Question 1414: An advantage of electronic banking is that it Options:
  A) Enables many customers to operate joint accounts
  B) Reduces risk of bank fraud
  C) Enables a customer to operate many accounts from different locations
  D) Enables a customer to operate his account from different locations
  Show Answer
  The correct answer is D .
• Question 1415: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 1416: If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be Options:
  A) perfectly elastic
  B) inelastic
  C) elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 1417: 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 1418:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  What is the change in income?

  Options:
  A) N0.5m
  B) N1.5m
  C) N2.6m
  D) N8.0m
  Show Answer
  The correct answer is D .
• Question 1419:

  A rise in the supply of a commodity cause__________

  Options:
  A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
  B) an increase in both equilibrium
  C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
  D) a decrease in both equilibrium
  Show Answer
  The correct answer is C .
• Question 1420:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .