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 1521:

  Which of the following factors is not a cause of diminishing returns?

  Options:
  A) Increase in variable inputs
  B) Land fragmentation
  C) Constant technology
  D) Technological innovations
  Show Answer
  The correct answer is D .
• Question 1522: A firm whose cost of production decrease as it continues to increase its output is said to be enjoying? Options:
  A) profit maximization
  B) large-scale production
  C) a wind fall
  D) government subsidies
  E) economies of scale
  Show Answer
  The correct answer is E .
• Question 1523:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 1524: If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is? Options:
  A) 50 oranges
  B) 10 oranges
  C) 5 oranges
  D) 9.80
  Show Answer
  The correct answer is A .
• Question 1525: If the price of a commodity is fixed below equilibrium, this will lead to Options:
  A) excess demand
  B) a decrease in price
  C) an increase in price
  D) excess supply
  Show Answer
  The correct answer is A .
• Question 1526: The government can influence the price of agriculture products by? Options:
  A) fixing minimum prices when agricultural output is low
  B) fixing maximum prices in years of bumper harvest
  C) the use of buffer stock and stabilization funds
  D) paying all farmers producing identical crops a uniform amount of money
  Show Answer
  The correct answer is C .
• Question 1527: The active intervention of the central authorities in the management of a country's economy rest upon the? Options:
  A) failure of the market force to produce satisfactory result
  B) superiority of the centrally planned economy over the private enterprise economy
  C) result-oriented nature of the private enterprise economy
  D) cost-minimization strategy of a mixed economy
  Show Answer
  The correct answer is A .
• Question 1528: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 1529: Which of the following is NOT a measure for controlling inflation? Options:
  A) Reduction in money supply
  B) Wage restraint and wage freeze
  C) Reduction in taxes and increase in government spending
  D) price control
  E) Credit restriction
  Show Answer
  The correct answer is C .
• Question 1530: Net national income is Options:
  A) Gross national income minus depreciation
  B) gross domestic product plus net income from abroad
  C) nominal national income divided by the price level
  D) gross national income divided by the total population
  E) gross national product plus subsidies minus indirect taxes
  Show Answer
  The correct answer is E .