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 1761: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .
• Question 1762:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 1763: Which of the following will shift the demand curve for Bournvita to the right Options:
  A) a rise in price of Bournvita
  B) an increase in income
  C) a tax on cocoa producer
  D) a fall in price of Bournvita
  Show Answer
  The correct answer is D .
• Question 1764: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .
• Question 1765: One of the major criticisms of the 1992-1968 National development Plan was that? Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's indepedence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foreign sourced financial resources
  Show Answer
  The correct answer is D .
• Question 1766:

  40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.

  Options:
  A) 1,300 tonnes
  B) 1,100 tonnes
  C) 1,200 tonnes
  D) 1,400 tonnes
  Show Answer
  The correct answer is C .
• Question 1767:

  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. What is market demand for the commodity when price is N5?

  Options:
  A) 65 units
  B) 40 units
  C) 30 units
  D) 20 units
  Show Answer
  The correct answer is C .
• Question 1768: 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 1769: External finance for a limited liability company is mainly sourced through? Options:
  A) the leasing equipment
  B) the issuing of shares
  C) trade credits
  D) banks loans
  Show Answer
  The correct answer is A .
• Question 1770: In a perfect competition, every firm is a price? Options:
  A) maker
  B) taker
  C) giver
  D) bidder
  Show Answer
  The correct answer is B .