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 581: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
  Show Answer
  The correct answer is A .
• Question 582:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .
• Question 583: One disadvantage of sole proprietorship is its? Options:
  A) limited libility
  B) high profits
  C) high sense of ownership
  D) low credit rating
  E) low failure rate
  Show Answer
  The correct answer is D .
• Question 584: For a firm to break even in the long run, the marginal cost curve must cut the Options:
  A) average variable cost curve at its higest point
  B) average cost cure at its lowest point
  C) average cost curve at its lowest point
  D) total cost cure at its lowest point
  Show Answer
  The correct answer is C .
• Question 585: Which of the following is NOT a feature of economic underdevelopment of a country? Options:
  A) A large number of High income earners relative to the population
  B) High annual income for the few
  C) High incidence of poverty
  D) Low daily calorie intake per person
  E) High infant mortality rate
  Show Answer
  The correct answer is A .
• Question 586: When demand is elastic, it means that consumers Options:
  A) react more proportionately to price change
  B) are not sensitive to price changed
  C) will stop buying when price increases
  D) react less proportionately to price change
  E) react equally to price change
  Show Answer
  The correct answer is A .
• Question 587:

  Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  Options:
  A) 100 days
  B) 30 days
  C) 90 days
  D) 14 days
  Show Answer
  The correct answer is C .
• Question 588:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 589: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
  Show Answer
  The correct answer is D .
• Question 590:

  Agriculture accounts for about 60% of the

  Options:
  A) commodity market in West Africa
  B) arable land in West Africa
  C) active labour force in West Africa
  D) service sector activities in West Africa
  Show Answer
  The correct answer is C .