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 2731: Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour. Options:
  A) 20
  B) 13
  C) 15
  D) 10
  Show Answer
  The correct answer is C .
• Question 2732:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2733: Which of the following is NOT illustrated by the production possibility curve Options:
  A) Risk
  B) Scarcity
  C) Opportunity cost
  D) Allocative efficiency
  Show Answer
  The correct answer is A .
• Question 2734: Development plans have not been successful in some developing countries largely because of? Options:
  A) very large working population
  B) increase level of consumption
  C) scarcity of industrial raw materials
  D) shortage of skilled labour and experts
  Show Answer
  The correct answer is D .
• Question 2735: One of the characteristics of private enterprises is ______? Options:
  A) Provision of welfare to the citizens
  B) That tax payers bear all the risks
  C) Public ownership of shares
  D) Individual funding of business activities
  Show Answer
  The correct answer is D .
• Question 2736: Which of the following is NOT a major role of OPEC in production, and marketing of petroleum? Options:
  A) Coordinating and unifying petroleum policies of member countries
  B) Ensuring efficient and regular supply of oil to the two market
  C) Raising the revenue of member countries from oil through price increase
  D) Refining of petroleum products in member countries
  E) Stabilizing oil prices putting a production ceiling
  Show Answer
  The correct answer is D .
• Question 2737: An important feature of perfect competition is that? Options:
  A) the movement of goods and services is restricted
  B) there is adequate knowledge of existing prices
  C) prices are centrally administered
  D) individual economic units can influence prices
  Show Answer
  The correct answer is B .
• Question 2738: A black market can occur when Options:
  A) supply is in excess of demand
  B) consumption of the commodity is restricted
  C) prices are set by government above the equilibrum
  D) prices are set by government below the equilibrium
  Show Answer
  The correct answer is B .
• Question 2739:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2740: One factor which influences the slope of a non-linear demand curve for a commodity is the? Options:
  A) price of the commodity
  B) quantity of the commodity demanded
  C) availability of substitutes
  D) available of complements
  Show Answer
  The correct answer is C .