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 401: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 402: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
  Show Answer
  The correct answer is C .
• Question 403:

  $\begin{array}{ccc}Price(N)& 20& 16\\ \text{Quantity demanded}& 100& 58\end{array}$

  From the table above, the elasticity of supply is _____?

  Options:
  A) Inelastic supply
  B) Perfectly elastic
  C) Elastic supply
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 404: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .
• Question 405:

  The demand curve for goods of ostentation is usually

  Options:
  A) negatively sloped
  B) positively sloped
  C) vertical
  D) horizontal
  Show Answer
  The correct answer is B .
• Question 406: The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal? Options:
  A) utility
  B) productivity
  C) rate of substitution
  D) revenue
  Show Answer
  The correct answer is B .
• Question 407: A good measure of the standard of living usually used for international comparison is Options:
  A) gross natioal income (GNI)
  B) net national income (NNI)
  C) gross national product (GNP)
  D) gross domestic product (GDP)
  E) per capital income (PCI)
  Show Answer
  The correct answer is E .
• Question 408: One of the assumptions of ordinal utility theory is that Options:
  A) choice is not consistent
  B) utility can be ranked
  C) total utility is a function of price
  D) satisfaction is measurable
  Show Answer
  The correct answer is B .
• Question 409:

  

  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 410:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .