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 1441: If government increases in its expenditure on public works, the desired effect is Options:
  A) a reduction in the use of capital equipment
  B) an increase in the level of emploment
  C) an increase in the level of inflation
  D) an increase in the use of capital equipment
  Show Answer
  The correct answer is A .
• Question 1442: A sustained increase in the production of goods and service in a country is called economic? Options:
  A) development
  B) growth
  C) diversification
  D) planning
  Show Answer
  The correct answer is B .
• Question 1443: If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is Options:
  A) N 214 million
  B) N 45 million
  C) N 105 million
  D) N 500 million
  Show Answer
  The correct answer is D .
• Question 1444:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1445: Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as? Options:
  A) real income
  B) profit
  C) economic rent
  D) real wage
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  The correct answer is C .
• Question 1446: Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds Options:
  A) as much to TR as to TC
  B) less to TR as to TC
  C) less to TC than to TR
  D) more to TC than to TR
  E) more to TR than to T
  Show Answer
  The correct answer is E .
• Question 1447: One of the important features of perfect competition is_____? Options:
  A) Adequate knowledge of existing prices
  B) The influence on prices by individual economic units
  C) The restriction in terms of movement of goods and services
  D) The administration of a centralized price system
  Show Answer
  The correct answer is A .
• Question 1448:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 1449:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 1450: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .