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 21: A firm is said to be a public joint-stock company when it Options:
  A) has unlimited liability
  B) is administered by the public
  C) is owned by the government
  D) operates as a public corporation
  E) sells its shares to members of the public
  Show Answer
  The correct answer is E .
• Question 22: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .
• Question 23: One of the characteristics of monopolistic competition is that Options:
  A) there is mobility of factors of production
  B) no single seller dominates the market
  C) the firms are price-takers
  D) consumers have perfect knowledge of price
  Show Answer
  The correct answer is B .
• Question 24: Banks aid economic expansion and development by? Options:
  A) being very strict in lending policies
  B) mobilizing savings for investment lending
  C) paying interest on deposit accounts
  D) charging high interest on loans
  Show Answer
  The correct answer is B .
• Question 25:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 26: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .
• Question 27:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 28: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
  Show Answer
  The correct answer is C .
• Question 29: If children and the aged dominate the population of a country, this results in Options:
  A) a reduction in the importation of capital goods
  B) a fall in the standard of living
  C) an increase in the national income
  D) an improvement in the standard of living
  Show Answer
  The correct answer is A .
• Question 30: Invisible trade refers to trade in? Options:
  A) services
  B) goods and services
  C) tangible goods
  D) short-term and long-term capital
  E) goods that cannot be seen
  Show Answer
  The correct answer is E .