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 831: The total stock of money available for use in an economy is Options:
  A) supply of money
  B) value of money
  C) demand for money
  D) attribute of money
  Show Answer
  The correct answer is A .
• Question 832: If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as? Options:
  A) the productivity of labour
  B) the law of diminishing marginal utility
  C) the law diminishing returns
  D) the concept of factor intensity
  E) labour intensive production
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  The correct answer is C .
• Question 833: The residual of production which accrues to the owner of land after all other expenses have been met is called? Options:
  A) wages
  B) rent
  C) interest
  D) profit
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  The correct answer is B .
• Question 834: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
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  The correct answer is A .
• Question 835: Government in West Africa countries engage in running a number of enterprises because ? Options:
  A) Large amount of capital are needed and key industries should not be left in private hands
  B) Private capital would not established an adequate infrastructure
  C) It brings about a more even distribution of the country’s wealth
  D) The social costs of some enterprises make the government the most suitable body to set them up
  E) All of the above
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  The correct answer is E .
• Question 836:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 837: Completely competitive market exist when each member is a — Options:
  A) price maker
  B) price taker
  C) price seeker
  D) a and b
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  The correct answer is B .
• Question 838: Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is Options:
  A) Direct
  B) Progressive
  C) Regressive
  D) Proportional
  Show Answer
  The correct answer is B .
• Question 839: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 840: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .