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 81:

  Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.

  Find the average total cost of producing one units?

  Options:
  A) N 60
  B) N 45
  C) N 35
  D) N 30
  Show Answer
  The correct answer is C .
• Question 82: The condition for equilibrium price and quantity under perfect competition is? Options:
  A) MC = AR = TR
  B) TC =AR = P
  C) MC = AR = P
  D) MC = AR = TC
  Show Answer
  The correct answer is C .
• Question 83:

  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 84: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in Options:
  A) Paris, France
  B) Geneva, Switzerland
  C) Lagos, Nigeria
  D) Vienna, Austria
  Show Answer
  The correct answer is D .
• Question 85: If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as Options:
  A) normal
  B) abnormal
  C) inferior
  D) superior
  E) scarce
  Show Answer
  The correct answer is C .
• Question 86:

  Item	Amount (Million Naira)
  Visible exports	55.54
  Visible imports	53.32
  Invisible exports	30.56
  Invisible imports	28.70
  Balance	4.08

  The amount, ₦4.08 million, shown as balance in the table represents

  Options:
  A) terms of payments
  B) balance on current accounts
  C) balance of trade
  D) terms of trade
  Show Answer
  The correct answer is B .
• Question 87: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 88: The most threatening problem for the less developed countries is? Options:
  A) the continual depletion of their soil fertility
  B) the rise of nationalism
  C) population explosion
  D) their differences towards economic growth
  Show Answer
  The correct answer is C .
• Question 89:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 90: Inferior goods are referred to in Economics as goods Options:
  A) Whose quality is low
  B) Consumed by very poor people
  C) Whose consumption falls when cunsumers' income rises
  D) Which satisfy only the basic needs
  E) None of the above
  Show Answer
  The correct answer is C .