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 11:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 12: An economic system in wich the decision on what and how to produce is determined by the individual is called Options:
  A) capitalism
  B) communism
  C) Socialism
  D) traditionalism
  E) welfarism
  Show Answer
  The correct answer is E .
• Question 13: If commodity X is a by-product of commodity Y , this implies that both commodities are Options:
  A) in competitive supply
  B) in composite supply
  C) jointly supplied
  D) in excess supply
  Show Answer
  The correct answer is B .
• Question 14:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 15: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 16: Which of the following is a tariff? Options:
  A) Limit on the amount of goods which can be imported
  B) Inteest rate on foreign loans
  C) Government payment to domestic producers for exports
  D) Tax on imported goods
  Show Answer
  The correct answer is D .
• Question 17: In the national income and product accounts, double counting is avoided if? Options:
  A) only final goods counted
  B) only intermediate goods are counted
  C) only intermediate and final goods are counted
  D) the value of all goods and services are added together
  Show Answer
  The correct answer is A .
• Question 18:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 19: 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 20: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
  Show Answer
  The correct answer is A .