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 1391: Economics is a science which deals basically with Options:
  A) the factors of production
  B) allocation of scarce resources
  C) oil exportation
  D) the gross domestic product (GDP)
  E) national income
  Show Answer
  The correct answer is B .
• Question 1392:

  In a developing economy, productivity is measured by the____________

  Options:
  A) output - labour ratio
  B) capital - output ratio
  C) output growth rate
  D) Output per capital
  Show Answer
  The correct answer is C .
• Question 1393: Being a member of the OPEC, Nigeria is in a favorable position to? Options:
  A) export her crude oil
  B) control world crude oil prices
  C) reap the benefit of a cartel
  D) borrow money from members
  Show Answer
  The correct answer is C .
• Question 1394: If elasticity of demand is greater than I and less than infinity, demand is said to be Options:
  A) elastic
  B) perfectly inelastic
  C) inelastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 1395:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1396: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 1397: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 1398:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1399:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 1400:

  

  Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

  Options:
  A) Technology, weather and population
  B) Technology, price and tastes
  C) Weather, price and technology
  D) Population, weather and teastes
  Show Answer
  The correct answer is C .