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 2681: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 2682: Total revenue can be obtained by multiplying Options:
  A) price by quantity sold
  B) averages revenue by the demand
  C) marginal revenue by marginal cost
  D) average revenue plus marginal revenue
  E) average cost by variable cost
  Show Answer
  The correct answer is A .
• Question 2683: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 2684: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 2685: In the long run, a firm in a perfectly competitive market will make? Options:
  A) normal profit
  B) adnormal profit
  C) marginal profit
  D) no profit
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  The correct answer is A .
• Question 2686: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
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  The correct answer is B .
• Question 2687: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
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  The correct answer is C .
• Question 2688: Which type of business organization has the attribute effectively combining management with control? Options:
  A) sole proprietorship
  B) Partnership
  C) Limited liability company
  D) Co-operatives
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  The correct answer is A .
• Question 2689: A persistent rise in the general level of prices implies? Options:
  A) an increase in some prices
  B) a one-time rise in prices
  C) a steady fall in the purchasing power of money
  D) that the higher the price level, the more the value of money
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  The correct answer is C .
• Question 2690:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .