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: When total revenue is at a maximum, marginal revenue is? Options:
  A) constant
  B) negative
  C) zero
  D) positive
  E) maximum
  Show Answer
  The correct answer is C .
• Question 2632: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
  Show Answer
  The correct answer is B .
• Question 2633:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  Options:
  A) 1.5:2
  B) 2:2
  C) 2:1.5
  D) 0.5:1.5
  Show Answer
  The correct answer is A .
• Question 2634: When the demand for foreign exchange exceeds its supply, the value of the domestic currency Options:
  A) appreciates
  B) depreciates
  C) inflates
  D) expands
  Show Answer
  The correct answer is B .
• Question 2635: The major problem of conducing a census in Nigeria is Options:
  A) inadequate skilled personnel
  B) financial constraint
  C) urban congestion
  D) lack of political will
  Show Answer
  The correct answer is D .
• Question 2636: ECOWAS has taken a giant step towards economic integration by? Options:
  A) presenting a united front against foreign economic exploiters
  B) introducing a common currency for travellers
  C) holding frequent meeting at various state capitals
  D) increasing economic stability among members states
  Show Answer
  The correct answer is D .
• Question 2637: At the consumer equilibrium, the slope of the indifference curve is? Options:
  A) half the slope of the budget constraint line
  B) equal to the slope of the budget constraint line
  C) greater than the slope of the budget constraint line
  D) less than the slope of the budget constraint line
  Show Answer
  The correct answer is B .
• Question 2638: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 2639: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
  Show Answer
  The correct answer is B .
• Question 2640: Localization of industries in Nigeria is mainly influenced by Options:
  A) market size
  B) population groupings
  C) raw materials
  D) external economies
  Show Answer
  The correct answer is D .