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 2001:

  

  Calculate the marginal physical product of the last unit of input

  Options:
  A) 0
  B) 2
  C) 4
  D) 10
  Show Answer
  The correct answer is B .
• Question 2002: Retailers are greater in numbers than wholesalers because? Options:
  A) retail business may not be registered or incorporated
  B) retail business requires less expertise
  C) retailers deal with final consumers
  D) all retail businesses are large enterprises
  E) all retail businesses are small enterprises
  Show Answer
  The correct answer is B .
• Question 2003: Below equilibrium, the gap between aggregate demand and the full employment level of income is called the? Options:
  A) inflationary gap
  B) income gap
  C) unemployment gap
  D) deflationary gap
  Show Answer
  The correct answer is A .
• Question 2004: A characteristic of the linear production function is that Options:
  A) the percentage change in inputs change exceeds output
  B) output and all inputs change by the same percentage
  C) the percentage change in output is greater than one
  D) the percentage change in output is less than one
  Show Answer
  The correct answer is B .
• Question 2005: The basic principles of co-operative societies are those of? Options:
  A) active participation of capitalist in the affairs of co-operative societies
  B) worker ownership and worker control
  C) sole proprietorship
  D) partnership
  E) denying of credit facilities to members
  Show Answer
  The correct answer is B .
• Question 2006:

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  Options:
  A) curve Z and Y
  B) curve X
  C) curve Z
  D) curve Y
  Show Answer
  The correct answer is C .
• Question 2007: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 2008: In Nigeria, efficiency in public corporations can be achieved through Options:
  A) public offer
  B) indigenization
  C) privatization
  D) nationalization
  Show Answer
  The correct answer is C .
• Question 2009: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
  Show Answer
  The correct answer is D .
• Question 2010:

  Money becomes a very poor store of value in a period of _______

  Options:
  A) Harvest
  B) Deflation
  C) Recession
  D) Inflation
  Show Answer
  The correct answer is D .