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 major feature of an underdeveloped economy is Options:
  A) excess capacity utilization
  B) low rate of population growth
  C) low level of standard of living
  D) low level of unemployment
  Show Answer
  The correct answer is C .
• Question 2362: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 2363: All the following are properties of an indifference curves except Options:
  A) it can intersect
  B) it slopes downward from left to right like that of a normal demand curve
  C) as it shift rightward it indicate higher and higher level of satisfaction
  D) it does not intersect
  Show Answer
  The correct answer is A .
• Question 2364: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 2365: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 2366: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 2367:

  No of Men	1	2	3	4	5	6	7	8
  Total Product(unit)	200	440	540	600	640	660	660	640

  If the price per unit  is N2, what is the average revenue when 6 men are employed?

  Options:
  A) N110
  B) N120
  C) N220
  D) N330
  Show Answer
  The correct answer is A .
• Question 2368:

  Units of Quality Consumes	Total Utility	Marginal Utility
  0 1 2 3 4 5	- 10 15 17 18 18	- 10 5 2 1 0

  This table illustrates the law of _________

  Options:
  A) Increasing returns
  B) Diminishing returns
  C) Diminishing marginal utility
  D) Increasing total utility
  Show Answer
  The correct answer is C .
• Question 2369: In economics, production is complete when Options:
  A) Goods are produced in the factory
  B) Goods are sold to the wholesalers
  C) Goods and services are produced by the government
  D) Prices are fixed for goods and services
  E) Goods and services finally reach the consumer
  Show Answer
  The correct answer is E .
• Question 2370: The expression ‘terms of trade’ is used to describe Options:
  A) Quality of export
  B) The direction of foreign trade
  C) Terms of purchase on deferred payment basis
  D) The rate at which export exchange for imports
  E) Import licensing
  Show Answer
  The correct answer is D .