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 381:

  $\begin{array}{ccc}\text{Out put produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  At 60 units of output, the AVC is

  Options:
  A) ₦2.50
  B) ₦1.50
  C) ₦90.00
  D) ₦150.00
  Show Answer
  The correct answer is B .
• Question 382: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 383: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 384: The most important goal of OPEC is to? Options:
  A) present a united front for the purpose of raising the price of crude oil
  B) bring unity among the petroleum exporting states
  C) ensuring political stability among member states
  D) ensure that rules on quota producion are strictly followed
  Show Answer
  The correct answer is D .
• Question 385: The amount of labour a producer hires relative to labour factor inputs depends on the? Options:
  A) price of labour or it wage
  B) price of labour, machinery and other inputs
  C) price of machinery
  D) price of the other inputs
  E) type of machinery
  Show Answer
  The correct answer is B .
• Question 386: The type of cost which has to be covered for a firm to continue production in the short-run is the? Options:
  A) overhead cost
  B) fixed cost
  C) marginal cost
  D) average variable cost
  Show Answer
  The correct answer is D .
• Question 387:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 388: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 389: The major purpose of African Development Bank is to? Options:
  A) provide loans for trade development
  B) provide loans for infrastructural development
  C) provide loans for develpment banks in distress
  D) educate peasant farmers in new techniques
  Show Answer
  The correct answer is B .
• Question 390: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .