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 1: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 2: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 3:

  The price mechanism

  Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 4: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
  Show Answer
  The correct answer is D .
• Question 5: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 6: The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes? Options:
  A) a fixed cost
  B) an implicit cost
  C) a variable cost
  D) a prime cost
  Show Answer
  The correct answer is B .
• Question 7: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
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  The correct answer is A .
• Question 8:

  An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________

  Options:
  A) Increase; decrease
  B) Decrease; decrease
  C) Increase; increase
  D) Decrease; increase
  Show Answer
  The correct answer is C .
• Question 9:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 10: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .