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 1451: Which of the following is likely to hinder labour mobility in Nigeria? Options:
  A) Higher wages elsewhere
  B) Cultural similarities
  C) Good accommodation elsewhere
  D) Ignorance of job opportunities elsewhere
  Show Answer
  The correct answer is B .
• Question 1452: In Nigeria, cheques are not money because? Options:
  A) their use is confined to business houses
  B) there are no banks in rular areas
  C) they are not legal tender
  D) they are not generally acceptable as a medium of exchange
  E) most Nigerians cannot identify them
  Show Answer
  The correct answer is C .
• Question 1453: Economics of scale operate only when? Options:
  A) marginal cost is falling with input
  B) average cost is falling with output
  C) fixed cost is variable
  D) variable cost is less than fixed cost
  Show Answer
  The correct answer is B .
• Question 1454:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .
• Question 1455: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 1456: The need to construct a scale of preference is necessitated by? Options:
  A) the need to satisfy wants
  B) scarcity and the need for choice
  C) scarcity of resources
  D) non-availability of factors of production
  Show Answer
  The correct answer is B .
• Question 1457: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 1458:

  The effects on the demand for product A caused by a change in the price of product B is Called____________

  Options:
  A) Joint demand
  B) cross-elasticity of demand
  C) elasticity of supply
  D) competitive demand
  Show Answer
  The correct answer is A .
• Question 1459: Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output? Options:
  A) N720.00
  B) N216.00
  C) N44.00
  D) N880.00
  Show Answer
  The correct answer is C .
• Question 1460: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
  Show Answer
  The correct answer is D .