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 141:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 142:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 143: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 144: When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called? Options:
  A) an opportunity cost
  B) an economic rent
  C) transfer earnings
  D) surplus value
  Show Answer
  The correct answer is B .
• Question 145: The deregulation of telecommunication services in Nigeria is a characteristic of Options:
  A) command economy
  B) traditional economy
  C) market economy
  D) feudal economy
  Show Answer
  The correct answer is C .
• Question 146:

  If wage rate is less than the average revenue product, the firms would be earning________

  Options:
  A) loss
  B) super normal profit
  C) normal profit
  D) higher revenue
  Show Answer
  The correct answer is B .
• Question 147: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 148: The maintenance of general economic stability in the country necessarily relies heavily on? Options:
  A) federal fiscal policy
  B) coordinated federal, state and local fiscal policies
  C) tax and revenue policies of state governments
  D) federal grants to state and local government
  E) federal grants to local governments
  Show Answer
  The correct answer is B .
• Question 149:

  The need to construct a scale of preference is necessitated by____________

  Options:
  A) scarcity and the need for choice
  B) The needs to satisfy wants
  C) Non - availability of factors of production
  D) Scarcity of resources
  Show Answer
  The correct answer is A .
• Question 150:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .