JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 681· Theory of price determination· WAEC
When government fixes a maximum price below the equilibrium price, the likely result is
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Answer: D. a shortage and black markets
Explanation and discussion
Question 682· Theory of price determination· JAMB
If supply falls while demand stays the same, the equilibrium
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Answer: A. price rises and quantity falls
Explanation and discussion
Question 683· Theory of price determination· JAMB
Using Qd = 100 − 4P and Qs = 6P − 20, find the equilibrium quantity.
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Answer: D. 52
Explanation and discussion
Question 684· Theory of price determination· JAMB
If demand for a good increases while supply is unchanged, the equilibrium price will
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Answer: B. rise
Explanation and discussion
Question 685· Theory of production· WAEC
A farmer keeps adding workers to the same plot of land and each extra worker adds less output. This illustrates
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Answer: A. the law of diminishing returns
Explanation and discussion
Question 686· Theory of production· JAMB
The short run in production is a period in which
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Answer: B. at least one factor is fixed
Explanation and discussion
Question 687· Theory of production· JAMB
Which of the following is primary production?
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Answer: C. farming
Explanation and discussion
Question 688· Theory of production· JAMB
The law of diminishing returns operates when
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Answer: D. more units of a variable factor are added to a fixed factor
Explanation and discussion
Question 689· Theory of production· JAMB
Increasing returns to scale occur when
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Answer: C. output increases by a greater proportion than inputs
Explanation and discussion
Question 690· Theory of production· WAEC
Division of labour leads to
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Answer: D. higher output through specialisation
Explanation and discussion
Question 691· Theory of production· JAMB
Tertiary production includes
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Answer: A. banking and transport services
Explanation and discussion
Question 692· Theory of production· WAEC
In economics, the process of production is said to end only when goods
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Answer: A. reach the final consumer
Explanation and discussion
Question 693· Theory of production· JAMB
Six workers produce a total of 120 units. Find the average product of labour.
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Answer: C. 20 units
Explanation and discussion
Question 694· Theory of production· JAMB
Total product rises from 100 units to 130 units when a fifth worker is employed. The marginal product of the fifth worker is
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Answer: D. 30 units
Explanation and discussion
Question 695· Theory of production· WAEC
Diminishing returns set in when a producer
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Answer: D. keeps adding units of a variable factor to a fixed factor
Explanation and discussion
Question 696· Theory of production· WAEC
Internal economies of scale include
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Answer: D. bulk buying discounts
Explanation and discussion
Question 697· Theory of production· WAEC
Average product is
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Answer: C. total product divided by units of the variable factor
Explanation and discussion
Question 698· Theory of production· WAEC
Division of labour means
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Answer: A. breaking production into stages with workers specialising
Explanation and discussion
Question 699· Theory of production· WAEC
The law of diminishing returns applies when
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Answer: C. more of a variable factor is added to a fixed factor
Explanation and discussion
Question 700· Theory of production· WAEC
Total output with 1, 2 and 3 workers is 10, 24 and 33 units. Find the marginal product of the third worker.
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Answer: C. 9
Explanation and discussion

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JAMB and WAEC Economics questions

When government fixes a maximum price below the equilibrium price, the likely result is

If supply falls while demand stays the same, the equilibrium

Using Qd = 100 − 4P and Qs = 6P − 20, find the equilibrium quantity.

If demand for a good increases while supply is unchanged, the equilibrium price will

A farmer keeps adding workers to the same plot of land and each extra worker adds less output. This illustrates

The short run in production is a period in which

Which of the following is primary production?

The law of diminishing returns operates when

Increasing returns to scale occur when

Division of labour leads to

Tertiary production includes

In economics, the process of production is said to end only when goods

Six workers produce a total of 120 units. Find the average product of labour.

Total product rises from 100 units to 130 units when a fifth worker is employed. The marginal product of the fifth worker is

Diminishing returns set in when a producer

Internal economies of scale include

Average product is

Division of labour means

The law of diminishing returns applies when

Total output with 1, 2 and 3 workers is 10, 24 and 33 units. Find the marginal product of the third worker.