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 2521:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2522:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2523: In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods? Options:
  A) N400.00
  B) N80.00
  C) N40.00
  D) N20.00
  Show Answer
  The correct answer is C .
• Question 2524:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2525:

  If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

  Options:
  A) Scarce
  B) Normal
  C) Superior.
  D) Inferior
  Show Answer
  The correct answer is D .
• Question 2526: An increase in demand without a corresponding change in supply will lead to Options:
  A) a decrease in equilirium price and increase in equilibrium quantity
  B) an increase in equilibrium price and quantity
  C) a decrease in equilibrium price and quantity
  D) an increase in equilibrium price and a decrease in equilibrium quantity
  Show Answer
  The correct answer is B .
• Question 2527:

  If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

  Options:
  A) 0.20
  B) 0.80
  C) 1.25
  D) 2.00
  Show Answer
  The correct answer is B .
• Question 2528: An economic system in wich the decision on what and how to produce is determined by the individual is called Options:
  A) capitalism
  B) communism
  C) Socialism
  D) traditionalism
  E) welfarism
  Show Answer
  The correct answer is E .
• Question 2529: The high rate of inflation in Nigeria can be attributed to Options:
  A) increasing cost of production
  B) the appreciation of the naira
  C) decreasing cost of production
  D) high capacity utilization
  Show Answer
  The correct answer is A .
• Question 2530:

  $$\begin{array}{|cccccccc|}\hline \text{Q (ton)}& 400& 500& 600& 700& 800& 900& 1000\\ \text{TC (N)}& 16000& 18000& 19800& 21000& 24000& 31500& 40000\\ \text{TR (N)}& 20000& 22500& 24000& 24500& 25000& 18000& 15000\\ \hline\end{array}$$

  The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

  Options:
  A) 400
  B) 500
  C) 600
  D) 700
  Show Answer
  The correct answer is B .