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:

  Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  Options:
  A) Monopoly
  B) Oligopoly
  C) Monopolistic competition
  D) Perfect competition
  Show Answer
  The correct answer is B .
• Question 1092: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 1093: 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 1094:

  A major characteristic of natural resources isthey

  Options:
  A) are unlimited in supply
  B) have high cost of production
  C) are free gifts of nature
  D) do not command any price
  Show Answer
  The correct answer is C .
• Question 1095: Agricultural backward-linkage effect means the establishment of Options:
  A) subsidiary industries to increase the number of industries
  B) main industries to increase output
  C) industries to reduce imports
  D) subsidiary industries to feed the main industry
  Show Answer
  The correct answer is D .
• Question 1096: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .
• Question 1097:

  

  If the pass mark was 40. how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1098: In Nigeria, most agricultural policies are aimed at______? Options:
  A) Ensuring equitable distribution of income
  B) Liberalizing all sectors of the nation's economy
  C) Encouraging the development of manufacturing sector
  D) Achieving self-sufficiency in food production
  Show Answer
  The correct answer is D .
• Question 1099: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
  Show Answer
  The correct answer is A .
• Question 1100: Unlike the retailer, the wholesaler provides? Options:
  A) useful information to the manufacturer about consumers'taste
  B) after-sales services to the consumers
  C) useful information to the costumers on the benefits and uses of the product
  D) useful information about market trends and finance to the manufacturer
  Show Answer
  The correct answer is D .