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 911: In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its? Options:
  A) lowest point
  B) middle point
  C) maximum point
  D) downward slopping section
  Show Answer
  The correct answer is A .
• Question 912: An inflation which occurs as a result of increase in production cost is known as Options:
  A) cost-push inflation
  B) creeping inflation
  C) demand-pull inflation
  D) hyper-inflation
  E) runaway inflation
  Show Answer
  The correct answer is A .
• Question 913: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
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  The correct answer is D .
• Question 914:

  

  From the graph above, fixing maximum price of garri below equilibrium prices at P₁ will

  Options:
  A) Encourage the production of garri
  B) Create an excess supply of garri
  C) Increase the consumption of garri
  D) Decrease the consumption of garri
  Show Answer
  The correct answer is C .
• Question 915: ECOWAS Visa lasts for Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .
• Question 916:

  

  The point x inside the PPC indicates

  Options:
  A) resources are fully utilized
  B) the country is poor
  C) some resources are idle
  D) resources are not available
  Show Answer
  The correct answer is C .
• Question 917:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 918:

  

  The graph of the schedule above will depict

  Options:
  A) a kinked demand curve
  B) a normal demand curve
  C) an abnormal demand curve
  D) a diminishing marginal utility curve
  Show Answer
  The correct answer is C .
• Question 919: Division of labour has many advantages . Not withstanding, it is greatly limited by? Options:
  A) monotony of work
  B) decline of craftmanship
  C) risk of unemployment
  D) extent of market demand
  E) boredom
  Show Answer
  The correct answer is C .
• Question 920: if $\overline{x}$ = 6 and N = 6, determine the value of ∑fx Options:
  A) 36
  B) 12
  C) 1
  D) 72
  Show Answer
  The correct answer is A .