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 2901: The output approach to measuring national income is based on the computation of Options:
  A) final output
  B) factor cost
  C) value added
  D) profits earned
  Show Answer
  The correct answer is C .
• Question 2902: Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income? Options:
  A) N380m
  B) N20m
  C) N180m
  D) N200m
  Show Answer
  The correct answer is A .
• Question 2903:

  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 2904: The middlemen in the chain of distribution are? Options:
  A) manufacturers and consumers
  B) wholesalers and retailers
  C) consumers and wholesalers
  D) retailers and consumers
  Show Answer
  The correct answer is B .
• Question 2905:

  

  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 2906: Government expenditure on universal basic education and subsidy on agriculture are aimed at Options:
  A) encouraging growth of the economy
  B) projecting images of government
  C) re-allocation of resources
  D) redistribution of income and wealth
  E) stabilization of the economy
  Show Answer
  The correct answer is C .
• Question 2907:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2908:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 2909: Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as? Options:
  A) real income
  B) profit
  C) economic rent
  D) real wage
  Show Answer
  The correct answer is C .
• Question 2910:

  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 .