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 2361: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .
• Question 2362: Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output? Options:
  A) N720.00
  B) N216.00
  C) N44.00
  D) N880.00
  Show Answer
  The correct answer is C .
• Question 2363:

  

  Calculate the marginal physical product of the last unit of input

  Options:
  A) 0
  B) 2
  C) 4
  D) 10
  Show Answer
  The correct answer is B .
• Question 2364: If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is Options:
  A) N1.50
  B) N0.40
  C) N1.00
  D) N2.00
  Show Answer
  The correct answer is B .
• Question 2365: Cost - push inflation occurs when_______ Options:
  A) production cost is high
  B) government embarks on deficits financing
  C) factors decrease
  D) there is too much in circulation
  Show Answer
  The correct answer is A .
• Question 2366: The merging of firms engage in different stages of production and marketing is called? Options:
  A) external economies of scale
  B) vertical intergration
  C) horizontal intergration
  D) economic unoin
  Show Answer
  The correct answer is B .
• Question 2367: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 2368: The major source of Nigeria's foreign exchange is the export of? Options:
  A) skilled manpower
  B) palm kernel and cocoa
  C) crude oil
  D) groundnuts and cotton
  Show Answer
  The correct answer is C .
• Question 2369:

  In manufacturing, division of labour may be hindered by

  Options:
  A) excessive demand for the product
  B) low level of technology
  C) excess supply of labour
  D) increase in the export of goods
  Show Answer
  The correct answer is B .
• Question 2370: Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called? Options:
  A) stockholders
  B) sleeping partners
  C) part-time investors
  D) ordinary partners
  Show Answer
  The correct answer is B .