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 2091: During a conflict between management and workers, the union's bargaing power is based on Options:
  A) work-to-rule
  B) negotiation
  C) picketing
  D) management decision
  Show Answer
  The correct answer is B .
• Question 2092: Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population? (ii) A large proportion of the population is engaged in agriculture.(iii) Agriculture products are used as raw materials by the local industries. (iv) It serves as sources of heavy equipment to local industries. Options:
  A) i and ii only
  B) i,ii and iii only
  C) i, ii and iv only
  D) ii and iii only
  Show Answer
  The correct answer is B .
• Question 2093: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
  Show Answer
  The correct answer is B .
• Question 2094:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 2095:

  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 2096: The optimum population of a country is reached when Options:
  A) All factor of production have been fully employed
  B) The productive effort per man is at its highest with a given volume of resources
  C) The total population of a country increases
  D) The natural resources of a country increases
  E) The working population of a country increases
  Show Answer
  The correct answer is B .
• Question 2097: If the production of a large firm is higher than that of a small firm, it is experiencing. Options:
  A) external economies of scale
  B) external diseconomies of scale
  C) internal economies of scale
  D) internal diseconomies of scale
  Show Answer
  The correct answer is C .
• Question 2098: Which of the following is NOT an internal dis-economy of scales? Options:
  A) Easy management and less administrative cost
  B) large firm suffers from bureaucracy or red tapism
  C) less personal relationship between management and employees
  D) Motivation may be lacking in the large firm
  E) slow response to changes
  Show Answer
  The correct answer is A .
• Question 2099:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2100:

  

  The curve labeled III illustrate a system of taxation

  Options:
  A) regressive tax
  B) progressive tax
  C) value added tax
  D) proportional tax
  Show Answer
  The correct answer is A .