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 2161: When total revenue is at a maximum, marginal revenue is? Options:
  A) constant
  B) negative
  C) zero
  D) positive
  E) maximum
  Show Answer
  The correct answer is C .
• Question 2162:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 2163: In national income accounting, aggregate saving in any year is defined as? Options:
  A) all disposable income not spent on consumption
  B) all savings deposits in all banks during the year
  C) all savings and time deposits in all banks during the year
  D) the value of inventory change for the year
  Show Answer
  The correct answer is A .
• Question 2164: A decrease in supply without a corresponding change in demand will lead to Options:
  A) an increase in equilibrium price and a decrease in equilibrium quantity
  B) a decrease in equilibrium price and an increase in equilibrium qantity
  C) a decrease in equilibrium price and equilibrium quantity
  D) an increase in equilibrium price and quantity
  Show Answer
  The correct answer is A .
• Question 2165:

  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 2166:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .
• Question 2167: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .
• Question 2168: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 2169: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 2170:

  External economies arises essentially from__________

  Options:
  A) a firm's individual policies
  B) localisation of industry
  C) government economic policy
  D) free transferability of shares
  Show Answer
  The correct answer is B .