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 1721: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
  Show Answer
  The correct answer is B .
• Question 1722: Both in the short run and in the long run, a firm maximizes its profits when? Options:
  A) MC = MR
  B) AC = MC
  C) AVC = AC
  D) MC = AVC
  Show Answer
  The correct answer is A .
• Question 1723: investing heavily in the agricultural sector will lead to Options:
  A) sufficient food production
  B) a vibrant commodity market
  C) capital inflow
  D) stable export prices
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  The correct answer is A .
• Question 1724: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
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  The correct answer is A .
• Question 1725: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
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  The correct answer is A .
• Question 1726: Branding and packaging of goods Is the function of Options:
  A) brokers
  B) consumers
  C) manufactures
  D) retailers
  E) wholesalers
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  The correct answer is C .
• Question 1727: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
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  The correct answer is C .
• Question 1728: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
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  The correct answer is C .
• Question 1729:

  The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

  Options:
  A) division of labour
  B) employment trends
  C) relative costs and benefits
  D) immobility of skilled labour
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  The correct answer is C .
• Question 1730:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .