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 1591: Population growth can be calculated as ? Options:
  A) Birth rate + death rate + migration rate + immigration rate
  B) Birth rate – death rate + migration rate -immigration rate
  C) Birth rate + death rate – migration rate + immigration rate
  D) Birth rate – death rate – emigration rate + immigration rate
  E) Birth rate – death rate
  Show Answer
  The correct answer is D .
• Question 1592: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
  Show Answer
  The correct answer is E .
• Question 1593: A firm owned and managed by a family is an example of ______? Options:
  A) joint stock exchange
  B) cooperative society
  C) sole proprietorship
  D) partnership
  Show Answer
  The correct answer is D .
• Question 1594:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 1595: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
  Show Answer
  The correct answer is C .
• Question 1596:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1597:

  If the marginal utility of commodity is equal to its price, then

  Options:
  A) the consumer is in equilibrium
  B) more of the commodity can be consumed
  C) total utility is also equal to its price
  D) the market is not in equilibrium
  Show Answer
  The correct answer is A .
• Question 1598:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 1599:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 1600: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .