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: 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 2202: Which of the following is NOT a feature of economic underdevelopment of a country? Options:
  A) A large number of High income earners relative to the population
  B) High annual income for the few
  C) High incidence of poverty
  D) Low daily calorie intake per person
  E) High infant mortality rate
  Show Answer
  The correct answer is A .
• Question 2203:

  	Amount of labour days	Cocoa (tons)	Cloth (metres)
  Country I	200	600	900
  Country II	200	300	800

  Summary of production conditions in countries l and ll.

  From the table, we can correctly say in respect of international trade that

  Options:
  A) country I has absolute disadvantage in the production of both cocoa and cloth
  B) country I has absolute advantage in the prodcttion of both cocoa and cloth
  C) country ll has absolute advantage in the production of both cocoa and cloth
  D) country ll has a comparative advantage in the production of cocoa
  E) country ll should leave the production of both cocoa and cloth to country l.
  Show Answer
  The correct answer is B .
• Question 2204:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 2205: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
  Show Answer
  The correct answer is A .
• Question 2206:

  Surplus in balance of payments leads to ________

  Options:
  A) Government budget surplus
  B) Increase in foreign reserves
  C) Decrease in foreign reserves
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 2207: National debts is an expected outcome of? Options:
  A) deficit budget
  B) consolidation budget
  C) balanced budget
  D) surplus budget
  Show Answer
  The correct answer is A .
• Question 2208:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 2209: In the long run, one of the characteristics of monopolistic competitive firms is that they Options:
  A) make abnormal profits
  B) suffer losses
  C) make normal profits
  D) collude with each other
  Show Answer
  The correct answer is C .
• Question 2210: Contractionary monetary policy is used to Options:
  A) control inflation
  B) bridge the deflationary gap
  C) expand the output level
  D) deregulate the economy
  Show Answer
  The correct answer is A .