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 701: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
  Show Answer
  The correct answer is A .
• Question 702: Net National Product is derived by deducting Options:
  A) net exports from GNP
  B) subsidies from GDP
  C) taxes from GDP
  D) depreciation from GNP
  Show Answer
  The correct answer is D .
• Question 703: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 704: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 705: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .
• Question 706: One disadvantage of sole proprietorship is its? Options:
  A) limited libility
  B) high profits
  C) high sense of ownership
  D) low credit rating
  E) low failure rate
  Show Answer
  The correct answer is D .
• Question 707:

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

  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 708: The best technical description of a progressive tax is a? Options:
  A) tax which takes more money from the rich than from the poor
  B) more equitable tax than aggressive one
  C) tax which takes a higher proportion of extra naira received as income rises
  D) tax which falls directly on those in the high income brackets
  Show Answer
  The correct answer is C .
• Question 709: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
  Show Answer
  The correct answer is A .
• Question 710: The marketing of agricultural products in Nigeria can be improved by Options:
  A) a massive production of farm produce
  B) re-establishing the marketing boards
  C) establishing more agricultural banks
  D) processing of farm produce
  Show Answer
  The correct answer is B .