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 1181:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 1182: Which of these is a type of partnership in business? Options:
  A) Limited partnership
  B) limited liability company
  C) private partnership
  D) joint stock partnership
  Show Answer
  The correct answer is A .
• Question 1183:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .
• Question 1184: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 1185:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 1186: When the marginal utility of a commodity is zero the total utility is Options:
  A) at its minimum
  B) upward-sloping
  C) downward-sloping
  D) at its maximum
  Show Answer
  The correct answer is D .
• Question 1187:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 1188: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 1189: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
  Show Answer
  The correct answer is C .
• Question 1190:

  A movement along a given demand curve for a good is caused by a change in

  Options:
  A) A consumer income
  B) The price of the good
  C) Taste
  D) The prices of other goods
  E) Population
  Show Answer
  The correct answer is B .