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 1921:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 1922:

  

  From the graph above P₂ in price control situation is referred

  Options:
  A) Minimum price
  B) Shut-down price
  C) Maximum price
  D) Mark-up price
  Show Answer
  The correct answer is A .
• Question 1923: 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 1924: 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 1925:

  The petro-chemical industries are located in Rivers State of Nigeria due to ________

  Options:
  A) Coal deposit
  B) Palm oil products
  C) Favourable soil
  D) Oil deposits
  Show Answer
  The correct answer is D .
• Question 1926:

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 1927: For normal goods the income elasticity of demand is? Options:
  A) positive
  B) negative
  C) zero
  D) infinite
  Show Answer
  The correct answer is A .
• Question 1928: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
  Show Answer
  The correct answer is B .
• Question 1929:

  

  In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

  Options:
  A) a drop in supply
  B) a rise in supply
  C) a supply- push inflation
  D) a stable supply curve
  E) an increase in quantity supplied
  Show Answer
  The correct answer is B .
• Question 1930:

  

  Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is D .