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 1901: In a textile factory, the cost of cotton used is a typical example of Options:
  A) an average cost
  B) a variable cost
  C) a fixed cost
  D) a total cost
  Show Answer
  The correct answer is B .
• Question 1902: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) Long-term financial instruments
  B) Equipment
  C) Cash and near money
  D) Money-market instruments
  Show Answer
  The correct answer is A .
• Question 1903:

  

  From the diagram, determine the profit-maximizing output

  Options:
  A) 600
  B) 800
  C) 900
  D) 1000
  Show Answer
  The correct answer is C .
• Question 1904: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 1905:

  Which of the following rewards is associated with entrepreneurship

  Options:
  A) salaries
  B) profits
  C) interest
  D) rent
  Show Answer
  The correct answer is B .
• Question 1906: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 1907: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
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  The correct answer is D .
• Question 1908: The following is NOT a reason for the existence of small firms Options:
  A) Scale of production is limited by size of the market
  B) Expansion brings diminishing returns
  C) Large firms can carter for wide markets
  D) Small firms can provide personal services
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1909: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 1910:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .