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 2691: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 2692: 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 2693: The purchasing power of the Naira will fall when Options:
  A) workers are retrenched
  B) the colour of the naira is changed
  C) the government cuts all salaries and wages
  D) there is inflation
  E) the naira is overvalued
  Show Answer
  The correct answer is D .
• Question 2694: if $\overline{x}$ = 6 and N = 6, determine the value of ∑fx Options:
  A) 36
  B) 12
  C) 1
  D) 72
  Show Answer
  The correct answer is A .
• Question 2695: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
  Show Answer
  The correct answer is D .
• Question 2696: The demand for two or more commodities to satisfy a particular want is _____? Options:
  A) Derived
  B) Composite
  C) Competitive
  D) Joint
  Show Answer
  The correct answer is D .
• Question 2697:

  

  In which of the diagrams above, is the consumer surplus correctly shaded?

  Options:
  A) I
  B) II
  C) III
  D) IV
  Show Answer
  The correct answer is D .
• Question 2698: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
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  The correct answer is A .
• Question 2699: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 2700:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .