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: In economics, the “how” or input question refers to: Options:
  A) The problem of allocating scarce resources among competing uses
  B) The way in which factors of production may be combined to produce output
  C) The way in which a firm decides on its profit maximising rate of output
  D) The problem of how output is distributed among individuals and groups in society.
  Show Answer
  The correct answer is B .
• Question 1232:

  Business cycle is associated with

  Options:
  A) Recession
  B) Unemployment
  C) Seasonal variation
  D) Inflation
  Show Answer
  The correct answer is A .
• Question 1233: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 1234: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 1235: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is Options:
  A) Progressive
  B) Indirect
  C) Regressive
  D) Proportional
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 1236:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 1237:

  Units of Quality Consumes	Total Utility	Marginal Utility
  0 1 2 3 4 5	- 10 15 17 18 18	- 10 5 2 1 0

  This table illustrates the law of _________

  Options:
  A) Increasing returns
  B) Diminishing returns
  C) Diminishing marginal utility
  D) Increasing total utility
  Show Answer
  The correct answer is C .
• Question 1238: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 1239:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 1240:

  

  In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

  Options:
  A) 23 and 20
  B) 22 and 19
  C) 14 and 19
  D) 11 and 20
  Show Answer
  The correct answer is B .