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 2071: For a firm to break even in the long run, the marginal cost curve must cut the Options:
  A) average variable cost curve at its higest point
  B) average cost cure at its lowest point
  C) average cost curve at its lowest point
  D) total cost cure at its lowest point
  Show Answer
  The correct answer is C .
• Question 2072: Which of the following is a major determinant of price elasticity of demand? Options:
  A) The price of the commodity
  B) Availability of factors of production
  C) The prices of factors of production
  D) Income of the consumers
  Show Answer
  The correct answer is D .
• Question 2073: The process of building up country’s capacity to process raw materials for the production of goods is known as Options:
  A) firm
  B) industry
  C) industrialization
  D) location of industry
  E) localization
  Show Answer
  The correct answer is C .
• Question 2074: The borrowing rights of a member country of the international Monetary Fund are determined by? Options:
  A) the seriousness of the country's economic problems
  B) its balance of payments position
  C) its quota to the fund
  D) the size of gold reserve
  Show Answer
  The correct answer is C .
• Question 2075:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 2076:

  $\begin{array}{cc}\text{Quantity of singlets}& \text{Short run total costs(N)}\\ 0& 1,000\\ 10& 1,200\\ 20& 1,400\\ 30& 1,600\\ 40& 1,800\end{array}$

  The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

  Options:
  A) N1000
  B) N400
  C) N70
  D) N20
  Show Answer
  The correct answer is D .
• Question 2077: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 2078:

  Inflation can be curbed by _______

  Options:
  A) Deficit budget
  B) Paying higher wages
  C) Increased aggregate demand
  D) Reducing aggregate demand
  Show Answer
  The correct answer is D .
• Question 2079:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2080:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .