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 2201: One disadvantage of trade by barter is that? Options:
  A) people are happier when they exchange the same quantities of goods through the medium of money rather than by barter
  B) the person wishing to buy good X may not have good Y which is what the other wants
  C) one person must always be cheated when trade takes place by barter
  D) it increases the intial cost of producing goods
  Show Answer
  The correct answer is B .
• Question 2202:

  

  In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

  Options:
  A) Curve I
  B) Curve ll
  C) Curve lll
  D) Curve lV
  E) Curves l and lll
  Show Answer
  The correct answer is D .
• Question 2203: The main function of price in the economic system is to? Options:
  A) allocate scarce resources among competing uses
  B) ensure equitable distribution of income and wealth
  C) determine the demand for and the supply of goods and services
  D) remove all the constraints on production of goods and services
  Show Answer
  The correct answer is A .
• Question 2204:

  The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

  Options:
  A) Structural unemployment
  B) Cyclical unemployment
  C) Seasonal unemployment
  D) Frictional unemployment
  Show Answer
  The correct answer is A .
• Question 2205: Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20 Options:
  A) 36.60
  B) 22.00
  C) 30.60
  D) 26.00
  Show Answer
  The correct answer is B .
• Question 2206:

  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 2207: Scarcity in economics generally refers to Options:
  A) A period of feminine
  B) Monopolization of existing supply of resources
  C) Nationalization of sources of raw materials in Nigeria
  D) The control of outlets to sell goods
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 2208: The Nigerian indigenization decree process involves Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2209: The additional revenue obtained by using one more unit of a factor is called? Options:
  A) average product
  B) marginal product
  C) diminishing returns
  D) marginal revenue product
  Show Answer
  The correct answer is D .
• Question 2210:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .