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 1871: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 1872: If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run? Options:
  A) Large-scale importation of foreign goods
  B) Investment in capital market abroad
  C) Large-scale export of locally made abroad
  D) Repayment of debt to her creditors
  Show Answer
  The correct answer is C .
• Question 1873: A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as Options:
  A) duopoly
  B) monopolist
  C) monopsonist
  D) oligopoly
  E) perfect competitor
  Show Answer
  The correct answer is B .
• Question 1874: Which of the following is NOT strictly included In the study of economics? Options:
  A) The study of wants
  B) The study of choice
  C) Whether a particular want satisfies a good or bad purpose
  D) The study of scarcity
  E) The study of substitution
  Show Answer
  The correct answer is C .
• Question 1875: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he Options:
  A) stops consuming more of the commodity
  B) reduces the quantity consumed
  C) increases the quantity consumed
  D) consumes more of another commodity
  Show Answer
  The correct answer is C .
• Question 1876: The recent revolution of Cassava from ordinary food crop to export crop will lead to Options:
  A) decrease in price of cassava flour
  B) decrease In production of cassava
  C) decrease In production of local starch
  D) increase In production of other crops
  E) increase in the prices of cassava products
  Show Answer
  The correct answer is E .
• Question 1877:

  

  Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

  Options:
  A) Technology, weather and population
  B) Technology, price and tastes
  C) Weather, price and technology
  D) Population, weather and teastes
  Show Answer
  The correct answer is C .
• Question 1878: A buyer who haggles in the market is applying the principle of Options:
  A) choice
  B) price mechanism
  C) opportunity cost
  D) utilty maximization
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  The correct answer is D .
• Question 1879: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .
• Question 1880: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .