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: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 2142:

  Institutions serving as links between surplus and deficit units can be identified as

  Options:
  A) tax officers
  B) pension offices
  C) financial intermediates
  D) acceptance houses
  Show Answer
  The correct answer is C .
• Question 2143: Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is Options:
  A) elastic in both markets
  B) uniltary elastic in both market
  C) inelastic in both markets
  D) elastic in one market and inelastic in the other
  E) unitary elastic in none of the markets
  Show Answer
  The correct answer is D .
• Question 2144: When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as Options:
  A) elastic supply
  B) joint demand
  C) excess supply
  D) derived demand
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 2145:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  Options:
  A) 1.5:2
  B) 2:2
  C) 2:1.5
  D) 0.5:1.5
  Show Answer
  The correct answer is A .
• Question 2146: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 2147: In the keynesian model? Options:
  A) the demand for money is inversely related to the rate of interest
  B) investment is directly related to the rate of interest
  C) investment is not related to the rate of interest to the rate of interest
  D) the demand for money is directly related to the rate of interest
  Show Answer
  The correct answer is D .
• Question 2148: The type of cost which has to be covered for a firm to continue production in the short-run is the? Options:
  A) overhead cost
  B) fixed cost
  C) marginal cost
  D) average variable cost
  Show Answer
  The correct answer is D .
• Question 2149: The long-run average cost curve touches to the short-run average cost curves at the Options:
  A) minimum points of all short run average cost curves
  B) declining points of all short-run average cost curves
  C) minimum point of only one of the short-run cost curves
  D) rising points of all short-run average cost curves
  Show Answer
  The correct answer is D .
• Question 2150: One of the ways by which the government can speed up economic development is through the? Options:
  A) increase in consumption pattern of the people
  B) encouragement of savings, investment and equitable distribution of goods and services
  C) increase in the rate of population growth so as to ensure that the country has a large labour force
  D) encouragement of importation of raw materials to produce consumer goods
  Show Answer
  The correct answer is B .