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 2031:

  Plywood industries are often located near the source of?

  Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 2032: Which of the following does NOT represent the behavior of a monopolist? Options:
  A) Manipulating the market price of his goods
  B) Manipulating both the price and quantity of his goods at the same time
  C) Raising the price at one market, lowering it at another market
  D) Manipulating only quantity, price being a given factor
  E) Manipulating the quantity of his goods
  Show Answer
  The correct answer is B .
• Question 2033: The solution to problem of how to produce in a capitalist economy is solved by Options:
  A) combining aid labour means of production
  B) the producers involves
  C) using capital Intensive method of production
  D) using labour intensive method of production
  E) using the method of production with the least cost
  Show Answer
  The correct answer is B .
• Question 2034: Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour. Options:
  A) 20
  B) 13
  C) 15
  D) 10
  Show Answer
  The correct answer is C .
• Question 2035: National development plans in Nigeria fail mainly because of Options:
  A) overdependence on foreign aids
  B) inadequate funding of projects
  C) poor implementation strategies
  D) shortage of skilled manpower
  Show Answer
  The correct answer is C .
• Question 2036: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 2037: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 2038:

  

  The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

  Options:
  A) Q₃
  B) Q₄
  C) Q₁
  D) Q₂
  Show Answer
  The correct answer is A .
• Question 2039: The major purpose of African Development Bank is to? Options:
  A) provide loans for trade development
  B) provide loans for infrastructural development
  C) provide loans for develpment banks in distress
  D) educate peasant farmers in new techniques
  Show Answer
  The correct answer is B .
• Question 2040: An emerging agricultural export crop in Nigeria is Options:
  A) cassava
  B) cotton
  C) cocoa
  D) soya beans
  Show Answer
  The correct answer is C .