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 2501:

  $\begin{array}{ccccc}\text{Units of labour}& \text{Fixed capital}& \text{Total product}& \text{Average product}& \text{Marginal product}\\ 0& 10& -& -& -\\ 1& 10& 10& 10& 10\\ 2& 10& 25& ?& 15\\ 3& 10& 50& 16.7& 25\\ 4& 10& 80& 20.0& 30\\ 5& 10& 106& 21.2& 26\end{array}$

  Calculate the average product when the 2nd labour was employed 12.5

  Options:
  A) 12.5
  B) 12
  C) 15
  D) 10
  Show Answer
  The correct answer is A .
• Question 2502: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .
• Question 2503:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 2504: A necessary condition for specialization in an economy is the existence of Options:
  A) a regulated market
  B) a competitive market
  C) a medium of exchange
  D) adequate capital
  Show Answer
  The correct answer is D .
• Question 2505: Which of these is NOT associated with the problem of internal trade? Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2506: The middle value of an array figure arranged in descending order is referred to as the Options:
  A) equation
  B) mean
  C) Median
  D) mode
  E) Variance
  Show Answer
  The correct answer is C .
• Question 2507: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 2508:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 2509:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .
• Question 2510: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
  Show Answer
  The correct answer is A .