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 2311: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 2312: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 2313:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .
• Question 2314: 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 2315: The capital market provides business firms with the avenue to Options:
  A) lease capital equipment
  B) obtain long-term funds
  C) obtain short-term funds
  D) purchase capital equipment
  Show Answer
  The correct answer is B .
• Question 2316:

  In an open economy, the GNP is measured as_____________?

  Options:
  A) C + 1 + G(X-M)
  B) C + 1 + G
  C) C + 1 + G + X
  D) C + 1 + G + M
  Show Answer
  The correct answer is A .
• Question 2317: Import duties will increase total expenditure on imports if the demand for imports is? Options:
  A) elastic
  B) inelastic
  C) infinitely elastic
  D) derived
  Show Answer
  The correct answer is B .
• Question 2318:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 2319: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 2320:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .