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 621: Optimum population is defined as the level of population at which? Options:
  A) per capital output is maximized
  B) population is neither increasing nor decreasing
  C) total national income is maximized
  D) marginal efficiency of population is maximized
  Show Answer
  The correct answer is A .
• Question 622: In the long run a firm will leave an industry if price? Options:
  A) does not cover at at least Average Total Cost
  B) is not equal to Marginal Cost
  C) is higher than Average Varriable Cost
  D) is not at least equal to the minimum of Marginal Cost curve
  Show Answer
  The correct answer is B .
• Question 623:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 624: The factor responsible for the current inflationary pressures in Nigeria is the Options:
  A) exchange rate depreciation
  B) increase in exports
  C) low per capital income
  D) budget surplus
  Show Answer
  The correct answer is A .
• Question 625: The excess profit made by a firm in a competitive market situation in the short-term is known as Options:
  A) break even
  B) marginal profit
  C) net profit
  D) normal profit
  E) super normal profit
  Show Answer
  The correct answer is E .
• Question 626:

  

  The optimum level of output of the firm is

  Options:
  A) BC
  B) OB
  C) OS
  D) BS
  Show Answer
  The correct answer is B .
• Question 627: the major objective of current campaign for family planning in Nigeria is to? Options:
  A) reduce the death rate
  B) limit the number of women a man can marry
  C) keep the population growth rate constant
  D) raise the standard of living of the population
  Show Answer
  The correct answer is D .
• Question 628:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 629:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 630: One of the factors which is likely to check the growth of public debts is? Options:
  A) bridging the resources gap
  B) debt reputation
  C) debts rescheduling
  D) debt-equility swap
  Show Answer
  The correct answer is D .