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 1841: A production function relates? Options:
  A) cost to output
  B) wages to profit
  C) cost to input
  D) output to input
  Show Answer
  The correct answer is D .
• Question 1842: As long as marginal utility is positive, total utility must be Options:
  A) negative
  B) increasing
  C) zero
  D) decreasing
  Show Answer
  The correct answer is B .
• Question 1843:

  In the long run, all production factors are____________

  Options:
  A) variable
  B) fixed
  C) semi-variable
  D) semi-fixed
  Show Answer
  The correct answer is A .
• Question 1844:

  

  From the table above, the average product of the 3rd unit of labour is

  Options:
  A) 50
  B) 70
  C) 350
  D) 150
  Show Answer
  The correct answer is A .
• Question 1845: The production within the domestic territory of a country is called the Options:
  A) net national product
  B) gross domestic product
  C) net income
  D) disposable income
  E) gross national product
  Show Answer
  The correct answer is B .
• Question 1846: If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x? Options:
  A) 7.0
  B) 6.0
  C) 8.5
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 1847: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 1848: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 1849:

  In a free market economy, the rationing of scarce goods is done principallyby?

  Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  Show Answer
  The correct answer is C .
• Question 1850: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .