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 2041: Production in Economics occurs when Options:
  A) a commodity or service is sold
  B) utility is created or added
  C) a commodity is manufactured
  D) raw materials are produced or extracted from mines
  E) all of these
  Show Answer
  The correct answer is E .
• Question 2042: The migration of young people from rural to urban areas in Nigeria should help to raise the? Options:
  A) standard of living in the urban areas
  B) total productivity of labour in the rural areas
  C) marginal productivity of labour in the rural areas
  D) marginal productivity of labour in the urban areas
  Show Answer
  The correct answer is D .
• Question 2043: In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The Options:
  A) individual's money income
  B) price of subtitutes
  C) price of complementary goods
  D) price of the commodity under consideration
  Show Answer
  The correct answer is C .
• Question 2044: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .
• Question 2045: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 2046: A central argument of cardinal utility is that utility is? Options:
  A) measurable
  B) psychological
  C) ranked
  D) intangible
  Show Answer
  The correct answer is A .
• Question 2047: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 2048: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 2049:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .
• Question 2050: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .