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 971: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 972:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  The multiplier is

  Options:
  A) 8
  B) 4
  C) 3
  D) 2
  Show Answer
  The correct answer is D .
• Question 973: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 974: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 975:

  The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

  Options:
  A) there were 80,000 live births in the country
  B) there were 6,400 live births in the country
  C) there were 8 live births to every 100 women in working-class families
  D) 8 in every 1000 women of 21 - 45 gave birth to a live child
  Show Answer
  The correct answer is A .
• Question 976: If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience? Options:
  A) maximum population
  B) underpopulation
  C) overpopulation
  D) optimum population
  Show Answer
  The correct answer is B .
• Question 977: The greatest proportion of government revenue in Nigeria comes from? Options:
  A) export of raw materials
  B) income taxes on individuals and business
  C) custom duties and excise duties
  D) loans and grants from industrially advanced countries
  Show Answer
  The correct answer is C .
• Question 978:
  

  From the graph below, Point "E" shows--------------

  Options:
  A) product inefficiency
  B) product efficiency
  C) productive efficiency
  D) allocative efficiency
  Show Answer
  The correct answer is A .
• Question 979:

  $\underline{\begin{array}{ccccccccc}\text{Number of Men}& 1& 2& 3& 4& 5& 6& 7& 8\\ \text{Total product(Unit)}& 200& 440& 540& 600& 640& 660& 660& 640\end{array}}$

  What is the average product when 3 men are employed?

  Options:
  A) 120 units
  B) 540 units
  C) 100 units
  D) 180 units
  Show Answer
  The correct answer is D .
• Question 980: Money market differs from capital market in that it? Options:
  A) deals with short-term loans while capital market deals with long-term funds
  B) deals with money only while capital market deals with capital as well
  C) is limited in scope while capital market is not
  D) uses interest rate while capital does not
  Show Answer
  The correct answer is A .