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 811: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 812: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 813:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

  Options:
  A) 2: 3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 814: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 815: Given that ∑fx = 340 and N = 20, find the arithmetic mean. Options:
  A) 20
  B) 17
  C) 32
  D) 9
  Show Answer
  The correct answer is B .
• Question 816: When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are? Options:
  A) zero and decreasing
  B) decreasing and zero
  C) negative and decreasing
  D) both at their maximum
  Show Answer
  The correct answer is A .
• Question 817: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 818:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .
• Question 819: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 820: Which of the following yields more revenue to Nigeria? Options:
  A) Value added tax
  B) Royalties
  C) indirect tax
  D) Direct tax
  Show Answer
  The correct answer is C .