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 161:

  From the table, how many people scored above 6?

  Options:
  A) 25
  B) 24
  C) 5
  D) 30
  Show Answer
  The correct answer is B .
• Question 162:

  Fixed Unit of Land (hectares)	Variable Unit of Labout	Total Output (TO)	Marginal Product (MP)
  5	1	10	10
  5	2	25	15
  5	3	X	21
  5	4	60	14
  5	5	73	13
  5	6	82	y

  The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

  Options:
  A) X = 20, Y = 6
  B) X = 38, Y =9
  C) X = 46, Y = 9
  D) X = 46, Y = 14
  E) X = 10, Y = 10
  Show Answer
  The correct answer is C .
• Question 163: Opportunity cost is best defined as? Options:
  A) the penalty for not seizing golden opportunities
  B) sacrificed alternative (output, income etc.)
  C) the cost of creating job opportunities
  D) payment made to an industrial worker
  E) the difference between fixed and variable costs
  Show Answer
  The correct answer is B .
• Question 164:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .
• Question 165: If a government is running deficit, this means Options:
  A) A term of trade are unfavourable
  B) more project cannot be undertaken
  C) Tax inflow is greater than expenditure
  D) aggregate demand is greater than aggregate supply
  E) tax inflow is less than expenditure
  Show Answer
  The correct answer is E .
• Question 166: In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are? Options:
  A) profitable to the production process
  B) purchased for the purpose of production
  C) combined in the production process
  D) provided adequately for the production process
  E) brought into the factory
  Show Answer
  The correct answer is C .
• Question 167: An example of a long-run cost of a firm is Options:
  A) fuel and maintenace cost
  B) the planned size of plant equipment
  C) the existing size of plant and equipment
  D) rent on buildings
  Show Answer
  The correct answer is D .
• Question 168: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
  Show Answer
  The correct answer is D .
• Question 169:

  Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

  Options:
  A) 208
  B) 104
  C) 54
  D) 4
  Show Answer
  The correct answer is B .
• Question 170: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .