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 1121:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 1122: The distinction between onshore and offshore operations in oil exploration lies in the Options:
  A) location of sites
  B) output generated
  C) size of production
  D) techniques of production
  Show Answer
  The correct answer is A .
• Question 1123: The most common index used for measuring development is? Options:
  A) the level of literacy
  B) per capita income
  C) nutritional levels
  D) population growth rate
  Show Answer
  The correct answer is B .
• Question 1124:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 1125: A monopolist has the power to influence the prices of goods and services. Therefore, he is a Options:
  A) price maker
  B) price taker
  C) price system
  D) price competition
  Show Answer
  The correct answer is A .
• Question 1126: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 1127: A fall in the marginal propensity to save will lead to? Options:
  A) a decrease in national income
  B) an increase in national income
  C) no change in national income
  D) an increase in disposable income
  Show Answer
  The correct answer is A .
• Question 1128: The country will be over populated when Options:
  A) the rate of birth is high
  B) the death rate is low
  C) the growth rate is high
  D) population is increasing more than resources in the country
  E) unemployement is high in the country
  Show Answer
  The correct answer is D .
• Question 1129: The relationship between the cost of living and standard of living is Options:
  A) A rise in cost of living gives a corresponding rise in standard of living
  B) A lower cost of living give a higher standard of living
  C) A lower cost of living give a lower standard of living
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1130: A decision on input combination solves the economic problem of Options:
  A) how to produce
  B) for whom to produce
  C) when to produce
  D) what to produce
  Show Answer
  The correct answer is D .