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 1201:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1202: The professional that view cost in term of alternatives sacrificed is the Options:
  A) accountant
  B) cashier
  C) economist
  D) manager
  E) tax collector
  Show Answer
  The correct answer is C .
• Question 1203:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1204: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1205: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 1206: These are the objectives of industrial strategies in Nigeria EXCEPT Options:
  A) industrial financing
  B) maximization of local value added
  C) promotion of export oriented industries
  D) promotion of import oriented industries
  E) provision of economic and social infrastructures
  Show Answer
  The correct answer is B .
• Question 1207:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 1208: The following will occur when maximum price is fixed below the free market price EXCEPT that Options:
  A) black market will be encouraged
  B) excess demand will occur
  C) excess supply will occur
  D) rationing of commodities will occur
  E) scarcity of goods will occur
  Show Answer
  The correct answer is C .
• Question 1209: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 1210: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .