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 1: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 2:

  $\begin{array}{cc}\text{Unit of output}& \text{Table cost}\\ 1& 20\\ 2& 32\\ 3& 42\\ 4& 48\\ 5& 50\end{array}$

  Inthe above table, the marginal cost of the 3rd unit of output is

  Options:
  A) 12
  B) 6
  C) 10
  D) 2
  E) 9
  Show Answer
  The correct answer is C .
• Question 3: The production within the domestic territory of a country is called the Options:
  A) net national product
  B) gross domestic product
  C) net income
  D) disposable income
  E) gross national product
  Show Answer
  The correct answer is B .
• Question 4: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 5:

  

  The relationship between tax rate and income which is relevant to a progressive tax is shown by

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 6:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.The two commodities can be classified as?

  Options:
  A) Substitutes
  B) durable and non-durable
  C) intermediate and final
  D) complements
  Show Answer
  The correct answer is A .
• Question 7:

  In the long run, all production factors are____________

  Options:
  A) variable
  B) fixed
  C) semi-variable
  D) semi-fixed
  Show Answer
  The correct answer is A .
• Question 8:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
  Show Answer
  The correct answer is C .
• Question 9:

  When a generalization is made based on observed facts, it is

  Options:
  A) inductive reasoning
  B) normative reasoning
  C) theoretical reasoning
  D) deductive reasoning
  Show Answer
  The correct answer is A .
• Question 10: In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the? Options:
  A) dependency is ratio high
  B) population is optimum
  C) active population is large
  D) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .