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 2781: The primary reason for desiring economic growth is to Options:
  A) control inflation
  B) reduce poverty
  C) redistribute income
  D) raise standard of living
  Show Answer
  The correct answer is C .
• Question 2782: The value of the total output produced within Nigeria by all residents (citizens and non-citizens) is referred to as the? Options:
  A) gross national product
  B) disposable income
  C) national income
  D) gross domestic product
  Show Answer
  The correct answer is D .
• Question 2783:

  The reward for capital is___________

  Options:
  A) Interest
  B) Rent
  C) Risk
  D) Premium
  Show Answer
  The correct answer is A .
• Question 2784:

  Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.

  Find the average total cost of producing one units?

  Options:
  A) N 60
  B) N 45
  C) N 35
  D) N 30
  Show Answer
  The correct answer is C .
• Question 2785: 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 2786: Data presented in tables are usually arranged in ………… and ………… Options:
  A) charts, tables
  B) , graphs, rows
  C) pictograms, columns
  D) rows, columns
  Show Answer
  The correct answer is D .
• Question 2787:

  

  The percentage of working population in 2002 is

  Options:
  A) 50%
  B) 25%
  C) 8%
  D) 80%
  Show Answer
  The correct answer is D .
• Question 2788:

  In the event of bankruptcy, owners of joint-stock companies lose

  Options:
  A) their private properties
  B) both company and private assets
  C) only the capital invested
  D) only their dividends
  Show Answer
  The correct answer is C .
• Question 2789: A well conducted census is important for? Options:
  A) effective defence
  B) effective revenue generation
  C) good economic planning
  D) optimum population
  Show Answer
  The correct answer is C .
• Question 2790: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .