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:

  40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.

  Options:
  A) 1,300 tonnes
  B) 1,100 tonnes
  C) 1,200 tonnes
  D) 1,400 tonnes
  Show Answer
  The correct answer is C .
• Question 1202: Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 Options:
  A) 50litres
  B) 32.5litres
  C) 30litres
  D) 35litres
  Show Answer
  The correct answer is B .
• Question 1203:

  A budget with a projected revenue in excess of its expenditure is said to be?

  Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 1204: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .
• Question 1205: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 1206: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 1207: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .
• Question 1208: The solution to problem of how to produce in a capitalist economy is solved by Options:
  A) combining aid labour means of production
  B) the producers involves
  C) using capital Intensive method of production
  D) using labour intensive method of production
  E) using the method of production with the least cost
  Show Answer
  The correct answer is B .
• Question 1209:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1210:

  When a country's population is experiencing increasing returns, that country is said to be?

  Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) under-populated
  Show Answer
  The correct answer is D .