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 1601: Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will? Options:
  A) induce greater demand for beef
  B) induce greater demand for fish
  C) induce lower demand for fish
  D) equate demands for beef and fish
  Show Answer
  The correct answer is B .
• Question 1602:

  The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

  Options:
  A) 145
  B) 15
  C) 90
  D) 6
  Show Answer
  The correct answer is B .
• Question 1603: The amount of labour a producer hires relative to labour factor inputs depends on the? Options:
  A) price of labour or it wage
  B) price of labour, machinery and other inputs
  C) price of machinery
  D) price of the other inputs
  E) type of machinery
  Show Answer
  The correct answer is B .
• Question 1604: One of the following is NOT a reason for increase in public expenditure Options:
  A) decrease arising from public debt and its servicing
  B) increase in capital expenditure to provide social services
  C) increase financial commitment for defence and security
  D) increase in recurrent expenditure with regard to wages and salary paid to public servant
  E) returns on viable public corporation
  Show Answer
  The correct answer is D .
• Question 1605:

  As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

  Options:
  A) Input
  B) Commodities
  C) Output
  D) Factors
  Show Answer
  The correct answer is C .
• Question 1606:

  

  In the diagram above, D_oD_o is the original demand curve, S_oS_o is the original supply curve, D₁D₁ is the new demand curve. What is the new equilibrium quantity?

  Options:
  A) Q₁
  B) Q₂
  C) Q₃
  D) Q₄
  Show Answer
  The correct answer is B .
• Question 1607: The type of business organizations mostly used for producing public goods in Nigeria is Options:
  A) Sole proprietorships
  B) Limited liability companies
  C) Co-operative societies
  D) Statutory corporations
  Show Answer
  The correct answer is D .
• Question 1608: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 1609:

  Air is essential to life but commands no price!

  Diamond is not essential to life but commands a high?

  Options:
  A) thrift
  B) value
  C) abundance
  D) scarcity
  Show Answer
  The correct answer is B .
• Question 1610:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .