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 1711:

  $\begin{array}{cc}\text{Units of variable factor}& \text{Total Product}\\ 1& 25\\ 2& 31\\ 3& 40\\ 4& 48\\ 5& 55\end{array}$

  The marginal product at the fifth variable factor is

  Options:
  A) 7
  B) 6
  C) 5
  D) 9
  Show Answer
  The correct answer is A .
• Question 1712: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 1713: Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00? Options:
  A) N100.00
  B) N1,000.00
  C) N9,000.00
  D) N10,000.00
  Show Answer
  The correct answer is D .
• Question 1714:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 1715:

  

  From the table above, the total utility for the individual who consumes 3 units of commodity X is

  Options:
  A) 50 units
  B) 150 units
  C) 230 units
  D) 250 units
  Show Answer
  The correct answer is C .
• Question 1716: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 1717: In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT? Options:
  A) imposing import bans on some commodity
  B) imposing import duties
  C) drawing down on external reserves
  D) purchasing foreign exchanges from foreign countries
  E) devaluation of the currency
  Show Answer
  The correct answer is D .
• Question 1718: One of the characteristics of oligopoly is the availability of Options:
  A) few sellers
  B) few buyers
  C) many sellers
  D) a single seller
  Show Answer
  The correct answer is A .
• Question 1719: An upward review of the retirement age will affect the Options:
  A) wage rate
  B) demand for labour
  C) supply of labour
  D) tax rate
  Show Answer
  The correct answer is C .
• Question 1720:

  The basic economic problems of society include___________

  Options:
  A) scarcity, for whom to produce and where
  B) what to produce, how and for whom
  C) how to produce and sell
  D) scarcity, when to produce and how
  Show Answer
  The correct answer is B .