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 1561: Tariff on imports are meant to? Options:
  A) prevent a foreign goods
  B) discourage exports
  C) encourage exports
  D) increase the level of external dependency
  Show Answer
  The correct answer is A .
• Question 1562:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .
• Question 1563: Which of the following situations can give rise to economic problems? Options:
  A) Unlimited human wants
  B) Wants of varying important
  C) Limited means available for satisfying wants
  D) Means used in different ways
  Show Answer
  The correct answer is A .
• Question 1564:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 1565: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
  Show Answer
  The correct answer is B .
• Question 1566:

  

  At what level of input has diminishing marginal returns set in?

  Options:
  A) 3
  B) 16
  C) 20
  D) 22
  Show Answer
  The correct answer is A .
• Question 1567: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
  Show Answer
  The correct answer is A .
• Question 1568: In which situation is it likely that the demand for labour would be inelastic? Options:
  A) Labour and capital are close substitutes
  B) Labour costs are only a small proportion of total costs
  C) Demand for the final product that the labour produces is elastic
  D) A large quantity of unemployed labour is available in the economy
  Show Answer
  The correct answer is B .
• Question 1569:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 1570:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .