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 1231: Branding and packaging of goods Is the function of Options:
  A) brokers
  B) consumers
  C) manufactures
  D) retailers
  E) wholesalers
  Show Answer
  The correct answer is C .
• Question 1232:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1233: Find the arithmetic mean of the following set of scores 12, 4, 2, 8, and 14 Options:
  A) 8
  B) 10
  C) 12
  D) 14
  E) 30
  Show Answer
  The correct answer is A .
• Question 1234:

  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 1235: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
  Show Answer
  The correct answer is B .
• Question 1236:

  

  The diagram illustrates

  Options:
  A) the circular flow of income
  B) gross national product plus depreciation
  C) incomes of the private sector
  D) the profit of business enterprises
  E) the output approach to national income determination
  Show Answer
  The correct answer is A .
• Question 1237:

  $\begin{array}{cc}\text{Quantity of singlets}& \text{Short run total costs(N)}\\ 0& 1,000\\ 10& 1,200\\ 20& 1,400\\ 30& 1,600\\ 40& 1,800\end{array}$

  The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

  Options:
  A) N1000
  B) N400
  C) N70
  D) N20
  Show Answer
  The correct answer is D .
• Question 1238: A major problem facing all economies is how to? Options:
  A) increase consumption of imported goods
  B) improve trade among nations
  C) transform from a developing to a developed economy
  D) allocate scarce resources
  Show Answer
  The correct answer is D .
• Question 1239: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
  Show Answer
  The correct answer is D .
• Question 1240:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .