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 1621:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 1622: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
  Show Answer
  The correct answer is A .
• Question 1623:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 1624:

  Mono production economies are those that____

  Options:
  A) Produce one main commodities
  B) Have a rich cultural heritage.
  C) Specialize in agricultural industries.
  D) Produce only raw materials.
  Show Answer
  The correct answer is A .
• Question 1625:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 1626: 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 1627: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 1628: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .
• Question 1629:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 1630: Industrialization is a prerequisite for balanced economic growth because it Options:
  A) encourages trade liberalization
  B) stimulates the development of all sectors
  C) enhances productivity in the manufacturing sector
  D) expends employment opportunities in urban areas
  Show Answer
  The correct answer is B .