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 2971: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
  Show Answer
  The correct answer is A .
• Question 2972: If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to? Options:
  A) 1.25
  B) 0.80
  C) 0.50
  D) 0.40
  Show Answer
  The correct answer is A .
• Question 2973: If inflation is anticipated to continue? Options:
  A) people will lose confidence in goods
  B) lenders will demand higher interest rate
  C) the growth of full employment output will be accelerated
  D) people will want to hold more money
  Show Answer
  The correct answer is B .
• Question 2974: What would encourage the growth of international division of labour? Options:
  A) Improvement in transport system
  B) Instability in international exchange rate
  C) Restrictions on the movement of resources
  D) increase in tariff
  Show Answer
  The correct answer is A .
• Question 2975: If the production of a large firm is higher than that of a small firm, it is experiencing. Options:
  A) external economies of scale
  B) external diseconomies of scale
  C) internal economies of scale
  D) internal diseconomies of scale
  Show Answer
  The correct answer is C .
• Question 2976: The following are reward for factors of production EXCEPT Options:
  A) interests
  B) profit
  C) Rent and commissions
  D) rates and deposits
  E) wage and salaries
  Show Answer
  The correct answer is D .
• Question 2977: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .
• Question 2978:

  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 2979: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .
• Question 2980: If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is Options:
  A) N 214 million
  B) N 45 million
  C) N 105 million
  D) N 500 million
  Show Answer
  The correct answer is D .