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 1541: Optimum population is the population level at which? Options:
  A) death rate is at a minimum
  B) per capita income is at a maximum
  C) population is at a maximum
  D) death rate is equal to birth rate
  Show Answer
  The correct answer is B .
• Question 1542: The quality of labour force in Nigeria can be improved by Options:
  A) establishing more tertiary institutions
  B) creating sufficient job opportunities
  C) encouraging the study of science and technology
  D) establishing more skills acquisition centres
  Show Answer
  The correct answer is D .
• Question 1543:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .
• Question 1544: Both in the short run and in the long run, a firm maximizes its profits when? Options:
  A) MC = MR
  B) AC = MC
  C) AVC = AC
  D) MC = AVC
  Show Answer
  The correct answer is A .
• Question 1545: A capitalist economy is one characterized by the? Options:
  A) private ownership of factors of production
  B) ownership of factors of production by rich members of the society
  C) use of capital and labour in fixed proportions during production
  D) use of capital intensive methods of production
  Show Answer
  The correct answer is A .
• Question 1546: The loans from the World Bank to developing countries are mainly to support? Options:
  A) the establishment of more universities
  B) capital-intensive technology
  C) infrastructural investments
  D) their low level of consumption
  Show Answer
  The correct answer is C .
• Question 1547:

  An upward movement along the same supply curve result in_____________

  Options:
  A) a decrease in price
  B) an increase
  C) an increase in quantity supplied
  D) a decrease In quantity supplied
  Show Answer
  The correct answer is C .
• Question 1548:
  

  The diagram above represent

  Options:
  A) structural unemployment
  B) cyclical unemployment
  C) volunatary unempployment
  D) frictional unemployment
  Show Answer
  The correct answer is B .
• Question 1549: All the following are problems identified with agriculture in West Africa except Options:
  A) land tenure system
  B) ignorance of the farmers
  C) use of crude implement
  D) provision of food for the teeming population
  Show Answer
  The correct answer is D .
• Question 1550: Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is Options:
  A) Direct
  B) Progressive
  C) Regressive
  D) Proportional
  Show Answer
  The correct answer is B .