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 2401: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 2402: Specialization often improves economic performance because it? Options:
  A) permits exploitation of economies of scale
  B) incorporates external economies
  C) is based on the law of variable proportions
  D) allocates resources according to absolute advantage
  Show Answer
  The correct answer is D .
• Question 2403: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 2404: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 2405: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
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  The correct answer is B .
• Question 2406: Average total cost can be expressed as Options:
  A) average fixed cost plus average variable cost
  B) change in total cost divided by change in output
  C) total fixed cost divided by total output
  D) total fixed cost plus total variable cost
  E) total variable cost divided by total output
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  The correct answer is A .
• Question 2407: A market will be at equilibrium when Options:
  A) demand and supply are equal
  B) demand is greater than supply
  C) price is higher
  D) supply is greater than demand
  Show Answer
  The correct answer is A .
• Question 2408: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 2409:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2410:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .