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 461:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 462:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 463:

  The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

  Options:
  A) Volume of trade between countries
  B) direction of international trade
  C) commodity terms of trade
  D) volume of imports
  Show Answer
  The correct answer is C .
• Question 464: The price paid for labour services is the? Options:
  A) commission rate
  B) wages rate
  C) income rate
  D) salary rate
  Show Answer
  The correct answer is B .
• Question 465: If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in Options:
  A) government expenditure
  B) savings
  C) interest rates
  D) exchange rates
  Show Answer
  The correct answer is D .
• Question 466: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
  Show Answer
  The correct answer is C .
• Question 467: Cross elasticity of demand can be mathematically expressed as the Options:
  A) $\frac{\text{\% change in quantity of commodity X}}{\text{\% change in quantity of commodity Y}}$
  B) $\frac{\text{\% change in quantity demanded}}{\text{\% change in price}}$
  C) $\frac{\text{\% change in quantity demanded of commodity X}}{\text{\% change in price of commodity Y}}$
  D) $\frac{\text{\% change in quantity demanded}}{\text{\% change in income}}$
  Show Answer
  The correct answer is C .
• Question 468: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 469:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .
• Question 470:

  $\begin{array}{ccc}\text{Out put produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  At 60 units of output, the AVC is

  Options:
  A) ₦2.50
  B) ₦1.50
  C) ₦90.00
  D) ₦150.00
  Show Answer
  The correct answer is B .