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 1171: Population density refers to? Options:
  A) densely populated urban centres
  B) the total area divided by the total population
  C) densely populated rural areas
  D) the total population divided by the total area
  Show Answer
  The correct answer is D .
• Question 1172: If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of? Options:
  A) increasing returns to the variable factor
  B) increasing returns to scale
  C) constant returns to variable factor
  D) external economies of scale
  Show Answer
  The correct answer is A .
• Question 1173: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
  Show Answer
  The correct answer is A .
• Question 1174:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1175: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
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  The correct answer is D .
• Question 1176: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
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  The correct answer is D .
• Question 1177:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1178: 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
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  The correct answer is A .
• Question 1179:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 1180:

  Division of Labour is limited by the________

  Options:
  A) Size of labour firm
  B) Availability of raw material
  C) Size of the labour force
  D) Absolute size of the country's population
  Show Answer
  The correct answer is C .