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 1321: The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, Options:
  A) each successive unit of the variable factor brings about a decreasing marginal product
  B) each successive unit of the variable factor bring about equal increase in marginal product
  C) each successive unit of the variable factor bring about an increasing marginal product
  D) each successive unit of the variable factor bring about four time increase in marginal product
  E) each successive unit of the variable factor bring about more than equal increase in marginal product
  Show Answer
  The correct answer is B .
• Question 1322: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 1323: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 1324: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 1325: Trade takes place because of Options:
  A) marginal utility
  B) inefficiency in production
  C) opportunity cost
  D) comparative advantage
  Show Answer
  The correct answer is D .
• Question 1326:

  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 1327:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 1328: Which of the following is true of a perfect market situation? Options:
  A) price = AR=MC=AC
  B) price = DD = MC = AC
  C) price = AC = MC = AR
  D) price = AR = MR = DD
  E) price = MR but MR < AR
  Show Answer
  The correct answer is A .
• Question 1329: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .
• Question 1330: In capitalist economies, questions about what to produce are ultimately answered by Options:
  A) income level of households
  B) available technical skills in the economy
  C) output decisions of firms
  D) holding decision of households
  Show Answer
  The correct answer is C .