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 431: The most acceptable economic measure for trade protection is to? Options:
  A) improve standards of living
  B) protect infant industries
  C) safegard strategic industries
  D) promote foreign trade
  Show Answer
  The correct answer is B .
• Question 432: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
  Show Answer
  The correct answer is C .
• Question 433:

  Quantity	Fixed cost (₦)	Variable cost (₦)	Total cost (₦)	Marginal cost (₦)	Average cost (₦)
  1	750	200	950	-	950
  2	750	560	1310	360	655
  3	750	900	1650	?	550

  The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

  Options:
  A) ₦350.00
  B) ₦340.00
  C) ₦360.00
  D) ₦370.00
  E) ₦55.00
  Show Answer
  The correct answer is B .
• Question 434:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 435: Which of the following is the standard concept for measuring and analyzing population growth? Options:
  A) The rate of natural increase
  B) The net migrate
  C) The rate of population increase
  D) The fertility rate
  E) All of the above
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  The correct answer is E .
• Question 436: If demand increases without a change in supply, equilibrium price and quantity will Options:
  A) remain unchanged
  B) shift inward
  C) fall
  D) rise
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  The correct answer is D .
• Question 437:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 438: The primary reason for desiring economic growth is to Options:
  A) control inflation
  B) reduce poverty
  C) redistribute income
  D) raise standard of living
  Show Answer
  The correct answer is C .
• Question 439:
  

  The maximum price is

  Options:
  A) P1
  B) P2
  C) P3
  D) P4
  Show Answer
  The correct answer is D .
• Question 440: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
  Show Answer
  The correct answer is B .