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 1341: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 1342:

  

  In the diagram, the marginal propensity to consume (MPC) is equal to

  Options:
  A) $\frac{RP}{TP}$
  B) $\frac{TP}{RP}$
  C) $\frac{RT}{RP}$
  D) $\frac{RT}{TP}$
  Show Answer
  The correct answer is B .
• Question 1343: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 1344:

  The short run can be defined as the period of time during which

  Options:
  A) All inputs are fixed
  B) At least one of the firm's input is fixed
  C) At least two inputs are fixed
  D) All inputs are variable
  Show Answer
  The correct answer is B .
• Question 1345: An economic system in wich the decision on what and how to produce is determined by the individual is called Options:
  A) capitalism
  B) communism
  C) Socialism
  D) traditionalism
  E) welfarism
  Show Answer
  The correct answer is E .
• Question 1346:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 1347: Which of following rewards is associated with entrepreneurship as a factor of production? Options:
  A) Salaries
  B) Profit
  C) Interests
  D) Rents
  Show Answer
  The correct answer is B .
• Question 1348:

  

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by

  Options:
  A) Curves Z and Y
  B) Curve X
  C) Curve Z
  D) Curve Y
  Show Answer
  The correct answer is C .
• Question 1349:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 1350: Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because? Options:
  A) it would allowed for more money to be spent on luxuries
  B) the interest rate on the loan will increase
  C) it would decrease the demand for Nigeria's exports
  D) it would worsen Nigeria foreign exchange situation
  E) Nigerias oil would sell less in the world market
  Show Answer
  The correct answer is D .