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 2421:

  Number of men	1	2	3	4	5	6	7	8
  Total product (unit)	200	400	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) N220
  B) N120
  C) 110
  D) N330
  Show Answer
  The correct answer is A .
• Question 2422:

  A strategy for improving agriculture in Nigeria will involve

  Options:
  A) controlling the prices of agricultural products
  B) ensuring self-sufficiency in food production
  C) reducing agricultural exports
  D) establishing commondity boards
  Show Answer
  The correct answer is B .
• Question 2423: which of the following is not true about occupational distribution of the labour force of West Africa? Options:
  A) A large percentage of the labour force is engaged in agriculture
  B) Agriculture is the most important occupation in West Africa
  C) The manufacturing sector employs a large percentage of the population
  D) Agriculture does not constitute an important source of paid employment
  E) The public sector forms an important source of paid employment
  Show Answer
  The correct answer is C .
• Question 2424:

  In a two by two model of international trade, it is assumed that

  Options:
  A) both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
  B) both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
  C) neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
  D) both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
  Show Answer
  The correct answer is B .
• Question 2425: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
  Show Answer
  The correct answer is E .
• Question 2426: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
  Show Answer
  The correct answer is A .
• Question 2427: The mobility of labour is mainly determined by Options:
  A) the age of workers
  B) government policy
  C) trade unions
  D) wage rate differentials
  Show Answer
  The correct answer is D .
• Question 2428: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 2429: The amount of satisfaction per unit of the commodity consumed is called Options:
  A) average cost
  B) average utility
  C) marginal cost
  D) marginal utility
  E) total utility
  Show Answer
  The correct answer is B .
• Question 2430: Statutory organisations usually established by Acts of Parliament are called Options:
  A) public corporations
  B) cooperative societies
  C) joint-stock companies
  D) public enterprises
  Show Answer
  The correct answer is A .