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 171: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 172: The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to? Options:
  A) reduce public expenditure
  B) encourage efficiency in the performance of such enterprises
  C) reduce the number of public enterprises
  D) raise the prices of goods and services produced by the enterprises
  Show Answer
  The correct answer is B .
• Question 173: Which of the following factors is the most important in siting a petrol-chemical plants? Options:
  A) Nearness to the source of raw materials
  B) Nearness to the source of power
  C) Availability of labour
  D) Proximity to financial institutions
  Show Answer
  The correct answer is A .
• Question 174: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 175:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 176: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 177: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
  Show Answer
  The correct answer is A .
• Question 178:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 179: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .
• Question 180:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

  Options:
  A) 65 units
  B) 40 units
  C) 30 units
  D) 20 units
  Show Answer
  The correct answer is C .