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 701: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .
• Question 702: The main problem of the Organization of Petroleum Exporting Countries is how to? Options:
  A) prevent members from violating their quota
  B) enhance the quality of petroleum product
  C) compete with the North Sea producers
  D) ensure viable crude reserves
  Show Answer
  The correct answer is A .
• Question 703:

  Given two substitute goods (X and Y) with demand and supply function;

  Qd = 7p - 12

  Qs = 4p + 9

  Find the magnitude of excess demand when p = ₦18

  Options:
  A) 303
  B) 30
  C) 114
  D) 33
  Show Answer
  The correct answer is D .
• Question 704: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
  Show Answer
  The correct answer is A .
• Question 705: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 706: The Central Bank instrument of control does NOT include Options:
  A) open market operation
  B) moral sanctions
  C) reverse requirements
  D) selective credit control
  E) printing bank-notes
  Show Answer
  The correct answer is B .
• Question 707: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 708: GDP differs from GNP because GDP Options:
  A) is inclusive of depreciation
  B) emphasizes the final goods and service produced within the country at a particular period
  C) emphasizes the goods and services within the country
  D) emphasizes the market value of all final goods and services produced by nationals
  Show Answer
  The correct answer is B .
• Question 709: Exclusions that makes Gross National Product a poor measure of welfare are? Options:
  A) goverment purchases
  B) government millitary outlays
  C) wages and salaries
  D) housewives services
  Show Answer
  The correct answer is D .
• Question 710: Which of the following items does NOT belong to a country's current account in the balance of payments accounts? Options:
  A) Merchandise exports
  B) Merchandise import
  C) Travel
  D) Foreign currencies
  E) Insurance services
  Show Answer
  The correct answer is D .