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 1141: If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as? Options:
  A) the productivity of labour
  B) the law of diminishing marginal utility
  C) the law diminishing returns
  D) the concept of factor intensity
  E) labour intensive production
  Show Answer
  The correct answer is C .
• Question 1142:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 1143: Under normal circumstances the concept of consumers sovereignty implies that Options:
  A) the consumer and not the producer owns the means of production
  B) the producer and not the consumer determines what is to be produced
  C) the consumer and not the producer determines what is to be produced
  D) both the consumer and the producer determines what should be produced
  Show Answer
  The correct answer is B .
• Question 1144: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 1145: Rent and administrative expenses are examples of Options:
  A) average fixed costs
  B) average variable costs
  C) fixed costs
  D) variable costs
  Show Answer
  The correct answer is C .
• Question 1146: Which of the following is a good example of invisible item on balance of payments account? Options:
  A) Shipping and aviation
  B) Export and imports
  C) Merchandise
  D) Bullion
  Show Answer
  The correct answer is A .
• Question 1147:

  Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

  Options:
  A) Deflation
  B) Reinflation
  C) Disinflation
  D) Inflationary gap
  Show Answer
  The correct answer is D .
• Question 1148:

  $\underline{\begin{array}{ccccccccc}\text{Number of Men}& 1& 2& 3& 4& 5& 6& 7& 8\\ \text{Total product(Unit)}& 200& 440& 540& 600& 640& 660& 660& 640\end{array}}$

  What is the average product when 3 men are employed?

  Options:
  A) 120 units
  B) 540 units
  C) 100 units
  D) 180 units
  Show Answer
  The correct answer is D .
• Question 1149: In any economy, what is used as money is determined by? Options:
  A) government acceptance commodity standard
  B) government acceptance of an inconvertible paper standard
  C) laws and customs
  D) its use as a store of value
  Show Answer
  The correct answer is A .
• Question 1150:

  A retailer is distinguished by the nature of its sales, which is in___________

  Options:
  A) Bulk
  B) Large
  C) Units
  D) Chain
  Show Answer
  The correct answer is C .