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 1741: For a firm to break even in the long run, the marginal cost curve must cut the Options:
  A) average variable cost curve at its higest point
  B) average cost cure at its lowest point
  C) average cost curve at its lowest point
  D) total cost cure at its lowest point
  Show Answer
  The correct answer is C .
• Question 1742: Demand patterns are determined by the market on the basis of Options:
  A) scale of preference
  B) cousumer sovereignty
  C) cosumer rationality
  D) price of the commodity
  Show Answer
  The correct answer is B .
• Question 1743: In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the? Options:
  A) dependency is ratio high
  B) population is optimum
  C) active population is large
  D) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .
• Question 1744:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .
• Question 1745: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 1746: If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when Options:
  A) the price-quantity ratios are equal
  B) equal amounts of X and Y are consumed
  C) less of Y and more of X are consumed
  D) less of X and more of Y are consumed
  Show Answer
  The correct answer is A .
• Question 1747: In a perfect competition, every firm is a price? Options:
  A) maker
  B) taker
  C) giver
  D) bidder
  Show Answer
  The correct answer is B .
• Question 1748: Trade takes place because of Options:
  A) marginal utility
  B) inefficiency in production
  C) opportunity cost
  D) comparative advantage
  Show Answer
  The correct answer is D .
• Question 1749: Bank consolidation policy in Nigeria is a measure to increase Options:
  A) the capital base of banks
  B) employment opportunities in banks
  C) the number of shareholders
  D) the number of branches
  Show Answer
  The correct answer is A .
• Question 1750: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .