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 251: An economy in which both the public and private sectors contribute to economic growth is as Options:
  A) feudal economy
  B) capitalist economy
  C) socialist economy
  D) mixed economy
  Show Answer
  The correct answer is D .
• Question 252: Which of these is a necessary condition for trade by barter? Options:
  A) double coincidence of wants
  B) double exchange rate
  C) durability of goods
  D) divisibility of commodities
  E) homogeneity of goods
  Show Answer
  The correct answer is A .
• Question 253:

  

  In the diagram above, there is an excess

  Options:
  A) demand for 30 units
  B) supply of 40 units
  C) demand for 20 units
  D) supply of 20 units
  Show Answer
  The correct answer is C .
• Question 254: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
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  The correct answer is C .
• Question 255: In international trade, when payments of a country are higher than the receipts, then the balance of payment is Options:
  A) favourable
  B) in equilibrium
  C) perfect
  D) unfavourable
  E) uniform
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  The correct answer is D .
• Question 256:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 257: An equilibrium price? Options:
  A) keeps excess demand within limits
  B) keeps excess supply within limits
  C) generates the greatest possible demand and supply
  D) generates the greatest possible profits
  E) equates the quantity supplied to be equal to the quantity demanded.
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  The correct answer is E .
• Question 258: Total revenue is always equal to? Options:
  A) marginal revenue multiplied by the quantity sold
  B) average revenue plus marginal revenue
  C) marginal revenue multiplied by marginal cost
  D) average revenue multiplied by the quantity sold
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  The correct answer is D .
• Question 259: In Nigeria, government can reduce the cost of accommodation by fixing rent Options:
  A) at the prevailing rate
  B) at the equilibrium price
  C) above the equilibrium price
  D) below the equilibrium price
  Show Answer
  The correct answer is C .
• Question 260: An increase in the circulation of money without a corresponding increase in output will lead to Options:
  A) a rise in income levels
  B) stagflation
  C) inflation
  D) deflation
  Show Answer
  The correct answer is C .