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 2581:

  

  The average total cost when output is 200 units in the table aboveis

  Options:
  A) N1.00
  B) N2.0
  C) N1.40
  D) N2.40
  Show Answer
  The correct answer is B .
• Question 2582:

  Full employment is a situation in which _______

  Options:
  A) Every adult is employed.
  B) Only the disable are not employed.
  C) All adults who can work are employed.
  D) All those who are able and eligible can find employment
  Show Answer
  The correct answer is D .
• Question 2583: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 2584:

  

  The line labeled M in the diagram above represents

  Options:
  A) total cost
  B) fixed cost
  C) variable cost
  D) average cost
  Show Answer
  The correct answer is B .
• Question 2585: The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as? Options:
  A) peasant agriculture
  B) plantation agriculture
  C) co-operative farming
  D) subsistence farming
  Show Answer
  The correct answer is D .
• Question 2586: The meaningof 'Dumping' is selling goods in a foreign market Options:
  A) at a low price that recieved in the home market
  B) at a price higher than that recieved in the foreign market
  C) at a price equal to the cost price in the home market
  D) in order to encourage indigenous producers
  E) at a price equal to the selling price in the home market
  Show Answer
  The correct answer is A .
• Question 2587: Which of the following is a determinant of elasticity of supply? Options:
  A) Consumer’s income
  B) Degree of necessities
  C) Durability of the product
  D) Number of uses of the commodity
  E) Proportion of income spent on the product
  Show Answer
  The correct answer is C .
• Question 2588:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 2589: Bank consolidation policy in Nigeria is a measure to increase Options:
  A) the capital base of banks
  B) employment opportunities in banks
  C) the number of shareholders
  D) the number of branches
  Show Answer
  The correct answer is A .
• Question 2590:

  The need to construct a scale of preference is necessitated by____________

  Options:
  A) scarcity and the need for choice
  B) The needs to satisfy wants
  C) Non - availability of factors of production
  D) Scarcity of resources
  Show Answer
  The correct answer is A .