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 821:

  

  From the Diagram above, the optimal point of production is

  Options:
  A) R
  B) T
  C) U
  D) S
  Show Answer
  The correct answer is D .
• Question 822: Which of the following is not a component of national income at factor cost? Options:
  A) Wages earned by doctor
  B) Rent paid to landlords
  C) Indirect tax
  D) Undistributed company profits
  E) Interest on loan
  Show Answer
  The correct answer is C .
• Question 823:

  Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work

  Ii,Difficulties in assessment and collection

  Iii, imperfection in tax assessment.

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 824: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
  Show Answer
  The correct answer is B .
• Question 825: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
  Show Answer
  The correct answer is C .
• Question 826: Insurance companies invest mainly in instruments trade on the? Options:
  A) capital market
  B) Money market
  C) commodity market
  D) open market
  Show Answer
  The correct answer is A .
• Question 827:

  

  When 20 units of output is produced, TC will be

  Options:
  A) ₦360
  B) ₦300
  C) ₦460
  D) ₦400
  Show Answer
  The correct answer is B .
• Question 828:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 829: If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be? Options:
  A) 6.00 tonnes
  B) 5.68 tonnes
  C) 0.60 ton
  D) 0.57 ton
  Show Answer
  The correct answer is B .
• Question 830: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
  Show Answer
  The correct answer is D .