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 451:

  If wage rate is less than the average revenue product, the firms would be earning________

  Options:
  A) loss
  B) super normal profit
  C) normal profit
  D) higher revenue
  Show Answer
  The correct answer is B .
• Question 452: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
  Show Answer
  The correct answer is B .
• Question 453: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 454: The ordinalist approach of utility postulated that utility can be Options:
  A) Rank
  B) Measurable
  C) Rise
  D) Fall
  Show Answer
  The correct answer is A .
• Question 455: Economics of scale operate only when? Options:
  A) marginal cost is falling with input
  B) average cost is falling with output
  C) fixed cost is variable
  D) variable cost is less than fixed cost
  Show Answer
  The correct answer is B .
• Question 456:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 457: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
  Show Answer
  The correct answer is C .
• Question 458: Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities Options:
  A) Fairness
  B) The distribution of income and wealth
  C) Public need which is determined by the government
  D) Private needs determined by the market
  E) The ability of individual to make profit
  Show Answer
  The correct answer is C .
• Question 459: The demand for labour is an example of Options:
  A) composite demand
  B) joint demand
  C) derived demand
  D) competitive demand
  Show Answer
  The correct answer is C .
• Question 460:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .