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 2351:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 2352: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 2353: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 2354: The optimum population of a country is reached when Options:
  A) All factor of production have been fully employed
  B) The productive effort per man is at its highest with a given volume of resources
  C) The total population of a country increases
  D) The natural resources of a country increases
  E) The working population of a country increases
  Show Answer
  The correct answer is B .
• Question 2355: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .
• Question 2356:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 2357: If CBN reduces money supply, the interest rate will Options:
  A) fluctuate
  B) rise
  C) fall
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 2358: A major advantage of industrialization is that it Options:
  A) leads to self-reliance
  B) curbs inflation
  C) leads to growth and development
  D) improves the terms of trade
  Show Answer
  The correct answer is C .
• Question 2359: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
  Show Answer
  The correct answer is B .
• Question 2360:

  The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

  Options:
  A) Volume of trade between countries
  B) direction of international trade
  C) commodity terms of trade
  D) volume of imports
  Show Answer
  The correct answer is C .