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 371: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• Question 372: Which of the following is NOT a characteristic of perfect competition? Options:
  A) many sellers and buyers in the markets
  B) There is perfect knowledge
  C) Supply and demand are equal
  D) There is no advertising
  E) Products are identical
  Show Answer
  The correct answer is C .
• Question 373:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

  Options:
  A) 65 units
  B) 40 units
  C) 30 units
  D) 20 units
  Show Answer
  The correct answer is C .
• Question 374:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 375: A shift in the production possibility frontier could result from? Options:
  A) unemployment
  B) changes in the combination of goods produced
  C) inflation
  D) changes in production techniques
  Show Answer
  The correct answer is D .
• Question 376:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .
• Question 377: The type of inflation that emanates from excess demand overs supply is___________? Options:
  A) Galloping inflation
  B) Imported inflation
  C) Demand-pull inflation
  D) Cost-push inflation
  Show Answer
  The correct answer is C .
• Question 378: The organization which provides credit to help countries achieve short-term balance in their balance of payment is the? Options:
  A) Economic Community of West Africa States
  B) International Monetary Fund
  C) International Bank for Reconstruction and Development
  D) African Develoment Bank
  Show Answer
  The correct answer is B .
• Question 379: The equilibrium price clears the market; it is the price at which___________ Options:
  A) Everything is sold
  B) Buyers spend all their money
  C) Excess demand is zero
  D) None of the above
  Show Answer
  The correct answer is C .
• Question 380:

  

  In the diagram equilibrium price is:

  Options:
  A) P₂
  B) P_o
  C) P₁
  D) indeterminate
  E) between P_o and P₁ Diagram P.2
  Show Answer
  The correct answer is B .