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 2551:

  One of these is not a problem of agriculture___________

  Options:
  A) provision of employment
  B) lack of preservation and storage facilities
  C) land tenure system
  D) poor transportation systems
  Show Answer
  The correct answer is A .
• Question 2552:

  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 2553: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
  Show Answer
  The correct answer is B .
• Question 2554: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 2555: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 2556: Disguised unemployment Options:
  A) exist when manpower is not being utilized efficiently
  B) calls for the implementation of five plans
  C) can be eliminated if the press is free
  D) can be eliminated if the capital output ratio is increased
  E) is a statistical artifact with no economic meaning
  Show Answer
  The correct answer is A .
• Question 2557: The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in? Options:
  A) backward and forward linkages
  B) horizontal and vertical linkages
  C) vertical linkages
  D) functional linkages
  Show Answer
  The correct answer is A .
• Question 2558: Demand for a factor of production is? Options:
  A) a composite demand
  B) a joint demand
  C) a derived demand
  D) an elastic demand
  E) cross-elasticity of demand
  Show Answer
  The correct answer is C .
• Question 2559: In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are? Options:
  A) profitable to the production process
  B) purchased for the purpose of production
  C) combined in the production process
  D) provided adequately for the production process
  E) brought into the factory
  Show Answer
  The correct answer is C .
• Question 2560:

  

  The curve labelled x is the

  Options:
  A) total revenue curve
  B) total product curve
  C) marginal product curve
  D) marginal revenue curve
  Show Answer
  The correct answer is B .