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 2751: An industry operating in a perfect competitive market situation will maximum profit when Options:
  A) DD = SS
  B) DD < SS
  C) MC > AC
  D) MC < AR
  E) MC = MR
  Show Answer
  The correct answer is E .
• Question 2752: A major obstacle to the development of Nigeria economy is Options:
  A) low capital formation
  B) rural-urban migration
  C) over dependence on oil
  D) poor developmental policies
  Show Answer
  The correct answer is D .
• Question 2753:

  In economic life, the choice among alternatives depends on the?

  Options:
  A) income of the decision maker
  B) scarcity of resources
  C) the scale of preference of the decision-maker
  D) status of the decison maker
  Show Answer
  The correct answer is C .
• Question 2754: Which of the following is NOT strictly included In the study of economics? Options:
  A) The study of wants
  B) The study of choice
  C) Whether a particular want satisfies a good or bad purpose
  D) The study of scarcity
  E) The study of substitution
  Show Answer
  The correct answer is C .
• Question 2755: If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called Options:
  A) composite demand
  B) elastic demand
  C) derived demand
  D) competitive demand
  E) inelastic demand
  Show Answer
  The correct answer is D .
• Question 2756:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2757:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 2758: Which of following rewards is associated with entrepreneurship as a factor of production? Options:
  A) Salaries
  B) Profit
  C) Interests
  D) Rents
  Show Answer
  The correct answer is B .
• Question 2759: Which of these is NOT a basic economic problem of society? Options:
  A) efficiency of resource use
  B) for whom to produces
  C) how to produce
  D) scale of production
  E) what to produce
  Show Answer
  The correct answer is A .
• Question 2760:
  

  From the graph below, Point "E" shows--------------

  Options:
  A) product inefficiency
  B) product efficiency
  C) productive efficiency
  D) allocative efficiency
  Show Answer
  The correct answer is A .