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: Securities are described as listed when they are Options:
  A) mobilished as long-term debt instruments
  B) traded on a recognised stock market
  C) bought and sold purely for development purposes
  D) mobilized as short-term debt instruments
  Show Answer
  The correct answer is B .
• Question 382:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 383: The average product of labour in a given period is obtained by dividing the? Options:
  A) number of workers by the total product
  B) total product by the number of hours actually worked
  C) change in total product by the change in the number of workers
  D) total product by the number of workers
  Show Answer
  The correct answer is D .
• Question 384: In Economics, want means…………aspiration Options:
  A) endless
  B) qualitative
  C) quantifiable
  D) satisfied
  Show Answer
  The correct answer is A .
• Question 385: An agreement among firms on price and segmentation is termed Options:
  A) cartel
  B) collusion
  C) haggling
  D) specialization
  Show Answer
  The correct answer is A .
• Question 386: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 387:

  An economy in which both the public and private sectors contribute to economic growth is a__________?

  Options:
  A) socialist economy
  B) feudal economy
  C) mixed economy
  D) capitalist economy
  Show Answer
  The correct answer is C .
• Question 388:

  A tariff is a tax imposed on

  Options:
  A) Consumer goods
  B) Domestic goods
  C) Imported goods
  D) Exported goods
  Show Answer
  The correct answer is C .
• Question 389: 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 390:

  

  The diagram above shows theshifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .