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 411: When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are? Options:
  A) zero and decreasing
  B) decreasing and zero
  C) negative and decreasing
  D) both at their maximum
  Show Answer
  The correct answer is A .
• Question 412: Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income? Options:
  A) N380m
  B) N20m
  C) N180m
  D) N200m
  Show Answer
  The correct answer is A .
• Question 413: 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 414: An advantage of the sole proprietorship over the partnership from of business organisation is that Options:
  A) its existence is limited by an individual's life span
  B) it relies on the decision of friends to succeed
  C) the possibility of conflict in management is virtually non-existent
  D) it enjoys limited liability for debt in the event of failure
  Show Answer
  The correct answer is C .
• Question 415:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 416: In calculating mean one should Options:
  A) add the highest and the lowest number
  B) divide the highest and the lowest number
  C) divide the sum of the figure by the number of the figure
  D) find the most common number
  E) pick any number that has no partner
  Show Answer
  The correct answer is C .
• Question 417: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ? Options:
  A) debentures
  B) preference shares
  C) ordinary shares
  D) participating preference shares
  E) old shares
  Show Answer
  The correct answer is C .
• Question 418: Choice involves opportunity cost because Options:
  A) goods give different utilities
  B) available resources are inadequate
  C) there are many goods to select from
  D) not all goods have the same price
  Show Answer
  The correct answer is B .
• Question 419:

  If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for ₦500, what will be United Kingdom's exchange rate with Nigeria?

  Options:
  A) $0.05 = ₦1.00
  B) $0.06 = ₦1.00
  C) $0.11 = ₦1.00
  D) $0.12 = ₦1.00
  Show Answer
  The correct answer is D .
• Question 420:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .