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 1261:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 1262: One of the characteristics of oligopoly is the availability of Options:
  A) few sellers
  B) few buyers
  C) many sellers
  D) a single seller
  Show Answer
  The correct answer is A .
• Question 1263: An important function of the price system is to Options:
  A) ensure that producers' profits remain high
  B) guarantee full employment of resources
  C) allocate resources to most productive uses
  D) protect the economic interests of government
  Show Answer
  The correct answer is D .
• Question 1264:

  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 1265:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .
• Question 1266:

  A good measure of the standard of living usually used for international comparison is_______

  Options:
  A) Per capita income (PCI)
  B) Gross national product (GND)
  C) Net national income (NNI)
  D) Gross domestic product (GDP)
  Show Answer
  The correct answer is A .
• Question 1267:

  The form of capital that is required for the day-to-day running of production activities is called?

  Options:
  A) Fixed capital
  B) Social Capital
  C) Circulating capital
  D) Liquid capital
  Show Answer
  The correct answer is D .
• Question 1268: A tax on land will ultimately fall Options:
  A) partly on agents and users
  B) entirely on users
  C) entirely on owners
  D) partly on users and owners
  Show Answer
  The correct answer is C .
• Question 1269: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 1270:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .