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 2041:

  If wage rate is less than the average revenue product, the firms would be earning________

  Options:
  A) loss
  B) super normal profit
  C) normal profit
  D) higher revenue
  Show Answer
  The correct answer is B .
• Question 2042: At the point of profit maximization by a firm, marginal cost is? Options:
  A) minimum
  B) falling
  C) constant
  D) rising
  Show Answer
  The correct answer is D .
• Question 2043: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 2044:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 2045: A straight line indifference curve indicates that the two products are Options:
  A) normal goods
  B) inferior goods
  C) perfect substitutes
  D) close substitutes
  Show Answer
  The correct answer is C .
• Question 2046:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2047: Gresham's law in Economics shows that? Options:
  A) good drives out bad money
  B) bad money drives out good money
  C) the value of money varies inversely with the price level
  D) gold must be available to maintain the price of paper money
  Show Answer
  The correct answer is B .
• Question 2048:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2049:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .
• Question 2050: Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introductionn of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .