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 2141: Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product. Options:
  A) N30
  B) N40
  C) N10
  D) N20
  Show Answer
  The correct answer is B .
• Question 2142:

  Among the disadvantages of the one-man business is the fact that______

  Options:
  A) its capital may not be increased without government permission
  B) the proprietor is personally liable for the firm's debts
  C) the proprietor is not able to obtain credit
  D) the proprietor may not sue for bad debts
  Show Answer
  The correct answer is B .
• Question 2143:

  Number of men	1	2	3	4	5	6	7	8
  Total product (unit)	200	400	540	600	640	660	660	640

  If the price per unit is N2, what is the average revenue when 6 men are employed?

  Options:
  A) N220
  B) N120
  C) 110
  D) N330
  Show Answer
  The correct answer is A .
• Question 2144: Which of the following is NOT a component of agriculture? Options:
  A) crop farming
  B) drilling
  C) fishing
  D) forestry
  E) livestock farming
  Show Answer
  The correct answer is B .
• Question 2145: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
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  The correct answer is A .
• Question 2146: The downward sloping part of the long-run average cost curve of a firm may be attributable to? Options:
  A) diminishing returns
  B) the law of variable proportions
  C) diseconomies of scale
  D) increasing returns to scale
  Show Answer
  The correct answer is D .
• Question 2147: In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when Options:
  A) MUX = MUA
  B) MUX = PX
  C) PX = X
  D) PX = PY
  Show Answer
  The correct answer is B .
• Question 2148:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 2149: When a firm is reaping economies of large-scale production, it experiences a fall in its? Options:
  A) long-run marginal cost
  B) long-run average cost
  C) long-run total cost
  D) short-run marginal cost
  Show Answer
  The correct answer is B .
• Question 2150: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .