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 1221:

  A major effect of a long distribution chain is

  Options:
  A) scarcity of commodities
  B) high retail
  C) low retails prices
  D) low producer earnings
  Show Answer
  The correct answer is A .
• Question 1222:

  A major determinant of the demand for a luxury good is____________?

  Options:
  A) the price of other goods
  B) the price of the good
  C) tastes and fashion
  D) the income of consumers
  Show Answer
  The correct answer is A .
• Question 1223:

  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 1224: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 1225:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 1226:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 1227:

  The reward for capital is___________

  Options:
  A) Interest
  B) Rent
  C) Risk
  D) Premium
  Show Answer
  The correct answer is A .
• Question 1228: A shift in supply curve indicates that a different quantity will be supplied at each possible price because? Options:
  A) consumers are willing to pay higher prices
  B) supply is facing competition
  C) other factors than price have changed
  D) price has changed
  Show Answer
  The correct answer is C .
• Question 1229: If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves? Options:
  A) N2000
  B) N18 000
  C) N12 000
  D) N8 000
  Show Answer
  The correct answer is D .
• Question 1230: Optimum population is defined as the level of population at which? Options:
  A) per capital output is maximized
  B) population is neither increasing nor decreasing
  C) total national income is maximized
  D) marginal efficiency of population is maximized
  Show Answer
  The correct answer is A .