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 331:

  

  In the diagram below, the curve which represents firm's short-run averagevariable cost is curve

  Options:
  A) l
  B) ll
  C) lll
  D) IV
  Show Answer
  The correct answer is C .
• Question 332: The economic policy of privatization came up as a result of the poor performance of Options:
  A) commercial banks
  B) small-scale businesses
  C) public enterprises
  D) private enterprises
  Show Answer
  The correct answer is C .
• Question 333: In a textile factory, the cost of cotton used is a typical example of Options:
  A) an average cost
  B) a variable cost
  C) a fixed cost
  D) a total cost
  Show Answer
  The correct answer is B .
• Question 334: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 335: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
  Show Answer
  The correct answer is B .
• Question 336: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .
• Question 337: Government intervention in an economy is often justified on the group that? Options:
  A) wants are unlimited while resources are scarce
  B) productivity is higher in the public than in the private sector
  C) free market may not work, or produce desirable results
  D) opportunity cost of government expenditure is zero
  Show Answer
  The correct answer is A .
• Question 338: When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called? Options:
  A) an opportunity cost
  B) an economic rent
  C) transfer earnings
  D) surplus value
  Show Answer
  The correct answer is B .
• Question 339: If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is Options:
  A) unitary elastic
  B) zero elastic
  C) elastic
  D) inelastic
  Show Answer
  The correct answer is C .
• Question 340:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .