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:

  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 1172:

  Plywood industries are often located near the source of?

  Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 1173:

  Business cycle is associated with

  Options:
  A) Recession
  B) Unemployment
  C) Seasonal variation
  D) Inflation
  Show Answer
  The correct answer is A .
• Question 1174:

  If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

  Options:
  A) at the maximum point on the AC curve
  B) at the highest point on the AC curve
  C) at the minimum point on the AC curve
  D) at the peak
  Show Answer
  The correct answer is C .
• Question 1175:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .
• Question 1176:

  The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

  Options:
  A) 145
  B) 15
  C) 90
  D) 6
  Show Answer
  The correct answer is B .
• Question 1177:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1178: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for Options:
  A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
  B) evolving an acceptable wage for public servants
  C) evolving an acceptable revenue-sharing formula
  D) ensuring equity in the sharing of fiscal responsibilities
  Show Answer
  The correct answer is C .
• Question 1179: A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee? Options:
  A) 0.02 tonnes
  B) 0.2 tonnes
  C) 2 tonnes
  D) 20 tonnes
  E) 200 tonnes
  Show Answer
  The correct answer is C .
• Question 1180: A monopolist is a Options:
  A) duopolist
  B) group of producers of related goods
  C) partnership business that produces a commodity with high demand
  D) single producer or seller of a commodity at cheap rate
  E) single producer or seller of a commodity that has no close substitute
  Show Answer
  The correct answer is E .