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:

  Consider the following figures which refer to a firm's production department during one week:

  Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

  Total variable costs incurred during the week are

  Options:
  A) ₦7,300
  B) ₦7,100
  C) ₦1,300
  D) ₦1,100
  Show Answer
  The correct answer is B .
• Question 1672: In international trade, shipping and other freight charges are treated as? Options:
  A) invisible items
  B) unilateral transfers
  C) capital transactions
  D) autonomous capital transactions
  Show Answer
  The correct answer is A .
• Question 1673:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1674: The relationship between the cost of living and standard of living is Options:
  A) A rise in cost of living gives a corresponding rise in standard of living
  B) A lower cost of living give a higher standard of living
  C) A lower cost of living give a lower standard of living
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1675: The main reason for low agricultural produce in west Africa is need to Options:
  A) the presence of large-scale agro-allied industries
  B) high dependency ratio
  C) over dependence on agriculture for subsistence
  D) the use of crude implements in farming process
  Show Answer
  The correct answer is D .
• Question 1676: During a conflict between management and workers, the union's bargaing power is based on Options:
  A) work-to-rule
  B) negotiation
  C) picketing
  D) management decision
  Show Answer
  The correct answer is B .
• Question 1677:

  

  In the diagram, (III) refers to the calculation of national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 1678: which of the financial institutions cannot direct tax loans to individuals? Options:
  A) The agricultural bank
  B) The Industrial bank
  C) The central bank
  D) The Co-operative bank
  E) The Standard bank
  Show Answer
  The correct answer is C .
• Question 1679: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
  Show Answer
  The correct answer is C .
• Question 1680: 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 .