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 1501: The law of Diminishing Returns begins to operate when? Options:
  A) total product begins to rise
  B) total product begins to fall
  C) marginal product begins to fall
  D) marginal product begins to rise
  Show Answer
  The correct answer is C .
• Question 1502:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1503: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 1504: It is impossible to satisfy all human wants because? Options:
  A) areas of fertile land are very limited
  B) oceans and seas limit land space for farming
  C) resources are not equitably distributed
  D) available resources are limited
  Show Answer
  The correct answer is D .
• Question 1505: The most important attribute of money is? Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptability
  Show Answer
  The correct answer is D .
• Question 1506:

  

  In a price-taking firm, the portion UT above is the firm's

  Options:
  A) average revenue curve
  B) Long-run average cost curve
  C) demand curve
  D) supply curve
  Show Answer
  The correct answer is B .
• Question 1507: Which of the following statements describes a mixed economy? Options:
  A) The government and the private sector interact in solving the basic economic problems
  B) The invisible hand solves the basic economic problems
  C) The government produces and distributes all goods and services
  D) Society answers the 'what', 'how', and 'for whom' questions only through the market system
  Show Answer
  The correct answer is A .
• Question 1508: Which of these is a necessary condition for trade by barter? Options:
  A) double coincidence of wants
  B) double exchange rate
  C) durability of goods
  D) divisibility of commodities
  E) homogeneity of goods
  Show Answer
  The correct answer is A .
• Question 1509: The ordinary partner in a partnership? Options:
  A) takes no active in the management of the business
  B) has limited liability in case of business failure
  C) has unlimited liability in case of business failure
  D) cannot be sued personally on matters relating to the business
  Show Answer
  The correct answer is C .
• Question 1510: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .