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 1661: To compare the standard of living among nations, the most widely used economic indicator is the Options:
  A) real gross national income
  B) real domestic output
  C) real per capita income
  D) per capita nominal income
  Show Answer
  The correct answer is C .
• Question 1662:

  Business cycle is associated with

  Options:
  A) Recession
  B) Unemployment
  C) Seasonal variation
  D) Inflation
  Show Answer
  The correct answer is A .
• Question 1663: 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 1664: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do? Options:
  A) Check how much he has
  B) Find out which is the cheapest of the items
  C) Draw up a scale of preference
  D) Weigh the opportunity cost of each item against the other
  Show Answer
  The correct answer is C .
• Question 1665: Environmental degradation is more associated with Options:
  A) localization of industries
  B) location of industries
  C) decreased urbanization
  D) urban-rural migration
  Show Answer
  The correct answer is A .
• Question 1666: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .
• Question 1667: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 1668: An accurate census is important to a country because it helps? Options:
  A) in solving unemployment problem
  B) to ensure equitable population redistribution relative to natural resources
  C) in deciding on the creation of more local government
  D) in providing a second basis for formulating development policy
  Show Answer
  The correct answer is D .
• Question 1669: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
  Show Answer
  The correct answer is A .
• Question 1670: The most important goal of OPEC is to? Options:
  A) present a united front for the purpose of raising the price of crude oil
  B) bring unity among the petroleum exporting states
  C) ensuring political stability among member states
  D) ensure that rules on quota producion are strictly followed
  Show Answer
  The correct answer is D .