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 1051:

  

  The optimum level of output of the firm is

  Options:
  A) BC
  B) OB
  C) OS
  D) BS
  Show Answer
  The correct answer is B .
• Question 1052: Net national income is Options:
  A) Gross national income minus depreciation
  B) gross domestic product plus net income from abroad
  C) nominal national income divided by the price level
  D) gross national income divided by the total population
  E) gross national product plus subsidies minus indirect taxes
  Show Answer
  The correct answer is E .
• Question 1053: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .
• Question 1054:

  One of the advantages of large - scale production is that

  Options:
  A) There is a rise in the cost of administration
  B) Consumers sacrifice their individual tastes
  C) The firm can use labour - saving machinery
  D) The demand for a firm's products become localized
  E) Decision making takes a long time because different levels of management are involved
  Show Answer
  The correct answer is C .
• Question 1055: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 1056: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
  Show Answer
  The correct answer is B .
• Question 1057:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 1058: Which of the following is a major determinant of price elasticity of demand? Options:
  A) The price of the commodity
  B) Availability of factors of production
  C) The prices of factors of production
  D) Income of the consumers
  Show Answer
  The correct answer is D .
• Question 1059:

  The lands that belong to the community is referred to as__________

  Options:
  A) sacred land
  B) individual land
  C) communal land
  D) rent land
  Show Answer
  The correct answer is C .
• Question 1060: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .