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 1031: The production within the domestic territory of a country is called the Options:
  A) net national product
  B) gross domestic product
  C) net income
  D) disposable income
  E) gross national product
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  The correct answer is B .
• Question 1032: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
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  The correct answer is A .
• Question 1033: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
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  The correct answer is C .
• Question 1034: A distribution is said to be positively skewed if it Options:
  A) has a long tail to the left
  B) has a long tail to the right
  C) is bimodal
  D) is bell-shaped
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  The correct answer is B .
• Question 1035: The necessity of choice is due to the fact that? Options:
  A) human wants are insatiable
  B) consumers like to maximize satisfaction
  C) resources are abundant
  D) consumers are selective
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  The correct answer is A .
• Question 1036: The advantages which firms obtain directly from expanding their operations are referred to as? Options:
  A) internal economies of scale
  B) external economies of scale
  C) economics of localization
  D) economies of resources allocation
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  The correct answer is A .
• Question 1037: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
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  The correct answer is A .
• Question 1038:

  Occupational distribution of information is mainly influenced by___________

  Options:
  A) economic factor
  B) religious factor
  C) geographical factor
  D) social factor
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  The correct answer is A .
• Question 1039:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .
• Question 1040: A major assumption in a perfectly competitive market is that Options:
  A) the number of buyers and sellers is small
  B) individuals cannot influence prices
  C) the quality of products remains the same
  D) prices will always remain constant
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  The correct answer is B .