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 411:

  Number of men	1	2	3	4	5	6	7	8
  Total product (unit)	200	400	540	600	640	660	660	640

  If the price per unit is N2, what is the average revenue when 6 men are employed?

  Options:
  A) N220
  B) N120
  C) 110
  D) N330
  Show Answer
  The correct answer is A .
• Question 412: The law of diminishing marginal utility explains why Options:
  A) the slope of a normal demand curve is negative
  B) an abnormal demand curve slopes upwards
  C) the slope of a normal demand curve is positive
  D) the consumption of inferior goods increases with income
  Show Answer
  The correct answer is A .
• Question 413: The factor of production that has the highest degree of mobility is? Options:
  A) land
  B) labour
  C) capital
  D) enterpreneurship
  Show Answer
  The correct answer is B .
• Question 414:

  

  Commodities I and II are

  Options:
  A) competitive supply
  B) Substitute supply
  C) Joint supply
  D) Derived supply
  Show Answer
  The correct answer is B .
• Question 415: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 416:

  Which of the following is not a cause of unemployment_______

  Options:
  A) poor education
  B) lack of skills
  C) good government planning
  D) corruption
  Show Answer
  The correct answer is C .
• Question 417: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 418:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 419:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 420: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .