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 2631: The equilibrium point of a firm is attained at the point where the isoquant is Options:
  A) greater than the isocost
  B) less than the isocost
  C) tangent to the isocost
  D) greater than the output
  Show Answer
  The correct answer is B .
• Question 2632: The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can Options:
  A) refuse to sell any quantity
  B) sell any quantity of output at the prevailing price
  C) sell fixed quantity of output at the prevailing market price
  D) sell less quantity
  E) sell more quantity at a higher price
  Show Answer
  The correct answer is B .
• Question 2633: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .
• Question 2634: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 2635:

  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 2636: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .
• Question 2637: In many developing countries, infrastructural problems is acute due to the shortage of? Options:
  A) industries and industrial equipment
  B) savings, investment and consumption
  C) natural resources for development
  D) supporting services that encourage economic activities
  Show Answer
  The correct answer is D .
• Question 2638:

  Gross National Product (GNP) less the provision for the wear and tear of assets is the

  Options:
  A) net present value
  B) net national product
  C) net factor income
  D) net indirect taxes
  Show Answer
  The correct answer is B .
• Question 2639: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 2640: If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to? Options:
  A) land and related factors
  B) abundance of natural resources
  C) level of human capital
  D) technical progress or other factors
  E) the discipline of political leadership
  Show Answer
  The correct answer is A .