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 61: Optimum population is defined as the level of population at which? Options:
  A) per capital output is maximized
  B) population is neither increasing nor decreasing
  C) total national income is maximized
  D) marginal efficiency of population is maximized
  Show Answer
  The correct answer is A .
• Question 62:

  

  The marginal product X is

  Options:
  A) 18
  B) 20
  C) 24
  D) 25
  Show Answer
  The correct answer is C .
• Question 63: country is said to be overpopulated when Options:
  A) the resocurce are more than enough to cater for the population
  B) the size of the population is greater than the annual budget
  C) the resources are inadequate to cater for the population
  D) there are too many able-bodied men and women in the country
  Show Answer
  The correct answer is C .
• Question 64:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 65: Retailers are greater in numbers than wholesalers because? Options:
  A) retail business may not be registered or incorporated
  B) retail business requires less expertise
  C) retailers deal with final consumers
  D) all retail businesses are large enterprises
  E) all retail businesses are small enterprises
  Show Answer
  The correct answer is B .
• Question 66: The ultimate objective of Economics is to? Options:
  A) make effort to understand how the Economy works
  B) make the best use of scarce resources
  C) organize production at the lowest cost
  D) decide under what circumstances the government should intervene inthe economy
  Show Answer
  The correct answer is B .
• Question 67:

  A major effect of a long distribution chain is

  Options:
  A) scarcity of commodities
  B) high retail
  C) low retails prices
  D) low producer earnings
  Show Answer
  The correct answer is A .
• Question 68: Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the? Options:
  A) cost of the bok
  B) cost of the hat
  C) book
  D) hat
  E) N10.00
  Show Answer
  The correct answer is B .
• Question 69: According to the income approach to national income measurement, the national income of a country is equal to? Options:
  A) the value of all output produced in the country over the relevant period of time at market prices
  B) the value of output at factors cost
  C) the value added to production
  D) C +I + G
  Show Answer
  The correct answer is D .
• Question 70:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .