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 2891:

  No of Men	1	2	3	4	5	6	7	8
  Total Product(unit)	200	440	540	600	640	660	660	640

  If the price per unit  is N2, what is the average revenue when 6 men are employed?

  Options:
  A) N110
  B) N120
  C) N220
  D) N330
  Show Answer
  The correct answer is A .
• Question 2892: Long-run production is called Options:
  A) diminsihing returns to scale
  B) returns to scale
  C) external economies of scale
  D) economies of scale
  Show Answer
  The correct answer is D .
• Question 2893: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 2894: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 2895: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .
• Question 2896: The primary objective of all international economic organizations is to? Options:
  A) ensure that third world countries get a better share of the world's resources
  B) promote international economic co-operation for the mutual benefit of all members
  C) enforce structural adjustment programmes on less developed countries
  D) encourage exports from the developed to the less developed countries
  Show Answer
  The correct answer is B .
• Question 2897: A major assumption in cardinal utility theory is that Options:
  A) utility is measureable
  B) utility is not measurable
  C) total utility equals marginal utility
  D) total utility is constant
  Show Answer
  The correct answer is A .
• Question 2898: If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is? Options:
  A) 25
  B) 80
  C) 100
  D) 125
  Show Answer
  The correct answer is D .
• Question 2899: In a joint stock company, preference shareholders are those who receive? Options:
  A) high dividends when profits are high and little or nothing when profits are low
  B) a fixed rate of individend and have the first claim on the net profits of the company
  C) the remaining profits after all other shareholders have been paid
  D) dividends quarterly when others receive annually
  Show Answer
  The correct answer is B .
• Question 2900: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .