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 1841:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 1842: Comparative advantage implies that a country will specialize in producing the commodity? Options:
  A) with the highest opprotunity cost
  B) for which output per worker is lower than in other countries
  C) with the lowest opportunity cost
  D) for which output per worker is the same with those of other countries
  Show Answer
  The correct answer is C .
• Question 1843: If a firm doubles all inputs in the long run and the total output is less than doubled, this results in Options:
  A) diminishing returns
  B) constant returns to scale
  C) increasing returns to scale
  D) decreasing returns to scale
  Show Answer
  The correct answer is D .
• Question 1844: Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population? (ii) A large proportion of the population is engaged in agriculture.(iii) Agriculture products are used as raw materials by the local industries. (iv) It serves as sources of heavy equipment to local industries. Options:
  A) i and ii only
  B) i,ii and iii only
  C) i, ii and iv only
  D) ii and iii only
  Show Answer
  The correct answer is B .
• Question 1845: Economist speak about 'opportunity cost' when a person Options:
  A) has the opporunity to attain a high degree of cost minimization
  B) has to forego one thing in order to have another
  C) can equate his fixed costs with his variable costs
  D) is able to run his business without much expenditure
  E) has to maximize utility in order to maintain a high standard of living
  Show Answer
  The correct answer is B .
• Question 1846: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 1847:

  The factor of production that has the highest degree of mobility is__________?

  Options:
  A) entrepreneurship
  B) land
  C) labour
  D) capital
  Show Answer
  The correct answer is C .
• Question 1848:

  

  In the pie chart below, the percentage for children is equivalent to

  Options:
  A) 288^o
  B) 720^o
  C) 90^o
  D) 144^o
  Show Answer
  The correct answer is D .
• Question 1849: Government intervention in an economy is often justified on the group that? Options:
  A) wants are unlimited while resources are scarce
  B) productivity is higher in the public than in the private sector
  C) free market may not work, or produce desirable results
  D) opportunity cost of government expenditure is zero
  Show Answer
  The correct answer is A .
• Question 1850: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .