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 1811:

  

  In the diagram above, profit is maximized at the output level

  Options:
  A) ON
  B) OK
  C) OL
  D) OF
  Show Answer
  The correct answer is C .
• Question 1812: Statistical information available in most West African countries suggests that? Options:
  A) the marginal propensity to save is high
  B) the marginal propensity to consume is high
  C) the consumption pattern is negative
  D) there exists perfect correlation between consumption and savings
  Show Answer
  The correct answer is B .
• Question 1813: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 1814: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 1815: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 1816: Revenue can be expressed as Options:
  A) total Profit made after sales
  B) amount of goods produced
  C) total money realized from sales
  D) amount spent on purchases
  Show Answer
  The correct answer is C .
• Question 1817: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 1818:

  If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

  Options:
  A) at the maximum point on the AC curve
  B) at the highest point on the AC curve
  C) at the minimum point on the AC curve
  D) at the peak
  Show Answer
  The correct answer is C .
• Question 1819: The theory of comparative cost advantage is associated with Options:
  A) Adam Smith
  B) Reverend Thomas Malthus
  C) Professor trum fisher
  D) David Ricardo
  Show Answer
  The correct answer is D .
• Question 1820: Which of the following is NOT true about specialization or division of labour? Options:
  A) Specialization and exchange go hand in hand
  B) Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
  C) Division of labour needs not take account of the extent of the market
  D) Division of labour results in increased productivity
  E) Division of labour involves the danger of unemployment
  Show Answer
  The correct answer is C .