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 1211: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .
• Question 1212: An inverse relationship between price and quantity demanded implies that Options:
  A) the two variables change in opposite directions
  B) the two variables change in the same direction
  C) only one variable changes
  D) the two variables remain unchanged
  Show Answer
  The correct answer is A .
• Question 1213:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1214: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
  Show Answer
  The correct answer is C .
• Question 1215: The equilibrium point of a firm is attained at the point where the isoquant is Options:
  A) greater than the isocost
  B) less than the isocost
  C) tangent to the isocost
  D) greater than the output
  Show Answer
  The correct answer is B .
• Question 1216:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 1217: Which of the following items does NOT belong to a country's current account in the balance of payments accounts? Options:
  A) Merchandise exports
  B) Merchandise import
  C) Travel
  D) Foreign currencies
  E) Insurance services
  Show Answer
  The correct answer is D .
• Question 1218:

  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 1219: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 1220:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .