Economics Past Questions


Economics, as a secondary school subject studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society.

Study the following Economics past questions and answers for JAMB, WAEC, NECO and Post UTME. Prepare yourself with official past questions and answers for your upcoming examinations.

JAMB Syllabus for Economics


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Question 1

if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?

Options

A) (land, rent) (capital, wage), (labour, profit)

B) (land, interest) (capital,profit), (labour, wage),

C) (land, wage), (capital, interest), (labour,rent),

D) (land,rent), (capital, interest), (labour, wage),

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 2

If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?

Options

A) large-scale production

B) profit maximization

C) economies of scale

D) diseconomies of scale

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 3

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?

Options

A) interest rate

B) returns on capital

C) alternative capital foregone

D) shadow price of foreign exchange

Exam Body: Joint Admissions and Matriculation Board (JAMB)


Question 4

If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?

Options

A) 0.33

B) 0.0001

C) 1

D) 10,000

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Explanation:

Elasticity of demand is the degree of responsiveness of demand to little change in the price of a commodity

Explanation provided by Godswill Saliu

Question 5

If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?

Options

A) static

B) infinitely elastic

C) externally determined

D) perfectly inelastic

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 6

Which of the following factors is an important determinant of the magnitude of price elasticity of demand?

Options

A) The production period

B) Cost of storage

C) Durability of the product

D) Availability of factors of production

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 7

The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal?

Options

A) utility

B) productivity

C) rate of substitution

D) revenue

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 8

In order to increase its profit margin, the monopolist can manipulate

Options

A) both price and output

B) either price or output

C) only its price

D) only its output

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 9

For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be?

Options

A) downward sloping and price inelastic

B) perfectly price elastic

C) downward sloping but price inelastic

D) perfectly price inelastic

Exam Body: Joint Admissions and Matriculation Board (JAMB)

Question 10

The merging of firms engage in different stages of production and marketing is called?

Options

A) external economies of scale

B) vertical intergration

C) horizontal intergration

D) economic unoin

Exam Body: Joint Admissions and Matriculation Board (JAMB)