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 1821:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 1822: If a total cost curve is plotted, marginal cost can be illustrated by the? Options:
  A) slope of the tangent to the curve at any given output
  B) U-shaped curve cutting the total cost curve at its lowest point
  C) straight line from the origin to the mid-point of the curve
  D) straight line cutting the curve at its highest point
  Show Answer
  The correct answer is B .
• Question 1823:

  A firm's average cost decreases in the long-run because of

  Options:
  A) increasing returns to scale
  B) diminishing average returns
  C) decreasing marginal returns
  D) decreasing average fixed cost
  Show Answer
  The correct answer is A .
• Question 1824:

  The oil boom between 1970 - 1980 caused the oil sector to become____________

  Options:
  A) the main source of government
  B) management of spillage and pollution
  C) protection to the local operators in the petroleum industry
  D) decrease in the rate of inflation
  Show Answer
  The correct answer is A .
• Question 1825: The theory of comparative cost advantage is associated with Options:
  A) Adam Smith
  B) Reverend Thomas Malthus
  C) Professor trum fisher
  D) David Ricardo
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  The correct answer is D .
• Question 1826: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .
• Question 1827: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
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  The correct answer is A .
• Question 1828: The ordinary partner in a partnership? Options:
  A) takes no active in the management of the business
  B) has limited liability in case of business failure
  C) has unlimited liability in case of business failure
  D) cannot be sued personally on matters relating to the business
  Show Answer
  The correct answer is C .
• Question 1829: Import duties will increase total expenditure on imports if the demand for imports is? Options:
  A) elastic
  B) inelastic
  C) infinitely elastic
  D) derived
  Show Answer
  The correct answer is B .
• Question 1830:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .