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 1091: An issue of bank-notes not backed by gold but by government securities is known as? Options:
  A) fiduciary isssue
  B) guaranteed money
  C) seignior age
  D) legal tender
  Show Answer
  The correct answer is A .
• Question 1092: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .
• Question 1093: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .
• Question 1094: The amount of labour hired depends on the Options:
  A) number of skilled labour available
  B) skill of labour
  C) marginal productivity of labour
  D) price of the inputs
  Show Answer
  The correct answer is C .
• Question 1095: Production in Economics can be defined as the Options:
  A) totality of producing, buying and consuming
  B) transformation of raw materials and services in order to provide ultimate utility
  C) transformation of raw materials and services in order to make maximum profit
  D) production of goods and services for consumption
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  The correct answer is D .
• Question 1096: The law of variable proportions is also known as Options:
  A) law of demand
  B) law of diminishing returns
  C) law of diminishing marginal utility
  D) law of returns to scale
  Show Answer
  The correct answer is B .
• Question 1097:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 1098:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 1099: The satisfaction derived from Die consumption of a commodity is referred o as Options:
  A) consumption
  B) demand
  C) production
  D) utility
  E) utilization
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  The correct answer is D .
• Question 1100: Agricultural production in Nigeria could be improved through Options:
  A) control of plant diseases
  B) Land Fragmentation
  C) Payment of excise duty
  D) the introduction of low yielding crops
  E) the use of traditional implements
  Show Answer
  The correct answer is A .