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 161: 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 162: The bowed shape of the Production possibilities curve illustrates _________ Options:
  A) that production is inefficient
  B) that demand is relatively inelastic
  C) that production is unattainable
  D) the law of increasing marginal cost
  Show Answer
  The correct answer is A .
• Question 163: Under perfect competition, the short-run supply curve of a firm is determined by its Options:
  A) total cost curve
  B) marginal cost curve
  C) average fixed cost curve
  D) average cost curve
  Show Answer
  The correct answer is B .
• Question 164:

  The establishment of industries in rural areas will help to reduce____________-

  Options:
  A) Urban-Rural migration
  B) Rural-Urban migration
  C) Rural-Rural migration
  D) Urban-Urban migration
  Show Answer
  The correct answer is B .
• Question 165: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 166: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 167: A firm will experience diseconomies of scale when Options:
  A) there are difficulties in coordinating production
  B) there is shortage in labour supply
  C) the size of market is small
  D) there is an increase in the price of raw materials
  Show Answer
  The correct answer is A .
• Question 168: Capital provided by individuals to the firm by purchasing stocks is called? Options:
  A) debt capital
  B) fixed capital
  C) circulating capital
  D) equlity capital
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  The correct answer is D .
• Question 169: The additional revenue obtained by using one more unit of a factor is called its? Options:
  A) marginal product
  B) additional product
  C) marginal revenue product
  D) average product
  Show Answer
  The correct answer is C .
• Question 170: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
  Show Answer
  The correct answer is B .