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 2021: An increase in the quantity supplied of commodity suggests Options:
  A) a leftward shift of the supply curve
  B) a rightward shift of the supply curve
  C) a movement along the supply curve
  D) an increase in elasticity of supply
  Show Answer
  The correct answer is C .
• Question 2022: The determinants of elasticity include? Options:
  A) price, time and availability of alternatives
  B) technology and cost of production
  C) time and availability of alternatives
  D) price, time and technology changes
  Show Answer
  The correct answer is A .
• Question 2023: The effect of emigration on a country's population is Options:
  A) decrease in the population
  B) decrease in job opportunities
  C) increase in population
  D) increase in dependency ratio
  Show Answer
  The correct answer is A .
• Question 2024: A well conducted census is important for? Options:
  A) effective defence
  B) effective revenue generation
  C) good economic planning
  D) optimum population
  Show Answer
  The correct answer is C .
• Question 2025: Which of these is a type of partnership in business? Options:
  A) Limited partnership
  B) limited liability company
  C) private partnership
  D) joint stock partnership
  Show Answer
  The correct answer is A .
• Question 2026: If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the? Options:
  A) marginal revenue of the enterprise
  B) marginal revenue product of labour in the enterprise
  C) average revenue of the enterprise
  D) marginal cost of production
  Show Answer
  The correct answer is B .
• Question 2027: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 2028:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .
• Question 2029:

  $\begin{array}{ccc}Price(N)& 20& 16\\ \text{Quantity demanded}& 100& 58\end{array}$

  From the table above, the elasticity of supply is _____?

  Options:
  A) Inelastic supply
  B) Perfectly elastic
  C) Elastic supply
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 2030: Which of the following item in the balance of payment of account is an invisible transaction? Options:
  A) Import of cars
  B) Export of cocoa
  C) Export of crude petroleum
  D) Tourism
  E) Import of building materials
  Show Answer
  The correct answer is D .