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 981: The Basic Needs Approach to development is Options:
  A) poverty alleviation
  B) provision of educational infrastructure
  C) provision of health services
  D) improvement in workers income
  Show Answer
  The correct answer is A .
• Question 982: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
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  The correct answer is B .
• Question 983: In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced Options:
  A) N75.00
  B) N100
  C) N175.00
  D) N125.00
  Show Answer
  The correct answer is B .
• Question 984:

  

  What is the population growth rate in 2003?

  Options:
  A) 33.3%
  B) 20.0%
  C) 11.0%
  D) 50%
  Show Answer
  The correct answer is D .
• Question 985: A disadvantage of a joint-stock company is? Options:
  A) unlimited liability
  B) limited liability
  C) continuity
  D) loss of controlling interest
  Show Answer
  The correct answer is D .
• Question 986:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 987: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
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  The correct answer is C .
• Question 988: The fundamental problem of Economics is? Options:
  A) money
  B) poverty
  C) unemployment
  D) the scarcity of resources relative to wants
  E) inflation
  Show Answer
  The correct answer is D .
• Question 989: Personal income tax as a source of government revenue is increased when the Options:
  A) tax rate is raised
  B) tax system is proportional
  C) retirement age is reduced
  D) tax base is contracted
  Show Answer
  The correct answer is A .
• Question 990: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .