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 1631:

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

  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 1632: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 1633:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1634: If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is? Options:
  A) 25
  B) 80
  C) 100
  D) 125
  Show Answer
  The correct answer is D .
• Question 1635: The use of legally permissible means to reduce tax liabilities is known as tax? Options:
  A) evasion
  B) avoidance
  C) reliefs
  D) exemption
  Show Answer
  The correct answer is B .
• Question 1636: Malthus became famous through his theory which may be stated simply Options:
  A) the death rate may become so high that people may not be able to produce
  B) population may outgrow the means of subsistence
  C) people will eventually decide not to have children
  D) migration of people from one place to another may leave some parts of the world barren
  E) all of the above
  Show Answer
  The correct answer is B .
• Question 1637: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 1638:

  Effective demand for a commodity is desire for that commodity backed by_______

  Options:
  A) a wish for the lowest possible price
  B) ability and willingness to pay
  C) cash in one's pocket
  D) a promise to make payment
  Show Answer
  The correct answer is B .
• Question 1639: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 1640:

  $\begin{array}{ccccc}\text{Output(kg)}& 240& 450& 580& 630\\ \text{MR(N)}& 75& 48& -40& -22\\ \text{MC(N)}& 41& 48& 77& 20\end{array}$

  Given the table above, what is the firm's short - run profit maximizing output?

  Options:
  A) 450kg
  B) 630kg
  C) 240kg
  D) 580kg
  Show Answer
  The correct answer is A .