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 1121:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .
• Question 1122: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 1123: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 1124: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 1125: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 1126:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 1127: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .
• Question 1128: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 1129: opportunity cost is the Options:
  A) price of scarce goods
  B) resources required for making a commodity
  C) cost of luxury goods
  D) accrual of financial loses by chance
  E) althernative forgone in other to satisfy a want
  Show Answer
  The correct answer is E .
• Question 1130: One of the causes of the present high rate of inflation in Nigeria is Options:
  A) increasing budget surplus
  B) increasing factor costs
  C) exchange rate appreciation
  D) high capacity utilization
  Show Answer
  The correct answer is C .