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 1671: Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 Options:
  A) 50litres
  B) 32.5litres
  C) 30litres
  D) 35litres
  Show Answer
  The correct answer is B .
• Question 1672: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .
• Question 1673:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 1674: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 1675: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 1676: Tax which is levied on goods manufactured, sold or used within a country is? Options:
  A) sales tax
  B) excise tax
  C) direct tax
  D) income tax
  E) poll tax
  Show Answer
  The correct answer is B .
• Question 1677: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
  Show Answer
  The correct answer is B .
• Question 1678:

  	Share of gross national product (GNP)	Share of total employment	Growth rate of output
  All agriculture	40%	70%	3%
  Industry and mining	30%	10%	10%
  Trade andservices	30%	20%	5%

  What is the growth rate of GNP?

  Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 0.5%
  E) 4.1%3
  Show Answer
  The correct answer is A .
• Question 1679: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 1680: Which of the following is NOT a characteristic of perfect competition? Options:
  A) many sellers and buyers in the markets
  B) There is perfect knowledge
  C) Supply and demand are equal
  D) There is no advertising
  E) Products are identical
  Show Answer
  The correct answer is C .