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 1171:

  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.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 1172: The term of trade often measured by the ratio of the index of export Options:
  A) divided by the index of import prices multiplied by 100
  B) multiplied by the index of import prices
  C) plus the index of import prices multiplied by 100
  D) minus the index of import prices
  Show Answer
  The correct answer is A .
• Question 1173:

  $\underline{\begin{array}{ccccccccc}\text{Number of Men}& 1& 2& 3& 4& 5& 6& 7& 8\\ \text{Total product(Unit)}& 200& 440& 540& 600& 640& 660& 660& 640\end{array}}$

  What is the average product when 3 men are employed?

  Options:
  A) 120 units
  B) 540 units
  C) 100 units
  D) 180 units
  Show Answer
  The correct answer is D .
• Question 1174: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 1175:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .
• Question 1176: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in Options:
  A) Paris, France
  B) Geneva, Switzerland
  C) Lagos, Nigeria
  D) Vienna, Austria
  Show Answer
  The correct answer is D .
• Question 1177: The main problem of the Organization of Petroleum Exporting Countries is how to? Options:
  A) prevent members from violating their quota
  B) enhance the quality of petroleum product
  C) compete with the North Sea producers
  D) ensure viable crude reserves
  Show Answer
  The correct answer is A .
• Question 1178: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 1179: The type of cost which has to be covered for a firm to continue production in the short-run is the? Options:
  A) overhead cost
  B) fixed cost
  C) marginal cost
  D) average variable cost
  Show Answer
  The correct answer is D .
• Question 1180: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .