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 11: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
  Show Answer
  The correct answer is B .
• Question 12: 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 13: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 14: Prohibiting the sale of lace materials in Nigeria would probably lead to? Options:
  A) Increase supply of lace material in Nigeria
  B) Production of better quality lace abroad
  C) Lower price of lace material in Nigeria
  D) Higher price of lace material in Nigeria
  E) Increase income to all dealers of lace materials in Nigeria
  Show Answer
  The correct answer is D .
• Question 15: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
  Show Answer
  The correct answer is A .
• Question 16: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 17:

  There is unemployment of resources when production is

  Options:
  A) within the production possibility curve
  B) outside the production possibility curve
  C) along the production possibility curve
  D) adequate to meet market demand
  Show Answer
  The correct answer is A .
• Question 18: The international Bank for Reconstruction and Development is important to developing countries because it? Options:
  A) gives loans to member countries for legal proceedings
  B) offers grants and aid for defence
  C) offers loans to member countries for socio-economics activities
  D) offers grants and aid to finance luxury projects
  Show Answer
  The correct answer is C .
• Question 19:

  The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________

  Options:
  A) deductive reasoning
  B) positive reasoning
  C) normative reasoning
  D) inductive reasoning
  Show Answer
  The correct answer is D .
• Question 20:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .