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 2981: The total amount of money in circulation includes cash? Options:
  A) and current account
  B) owned by banks and the non-bank public
  C) and current acount balances owned by banks and non-bank public
  D) owned by banks, the government and the non-bank public
  Show Answer
  The correct answer is C .
• Question 2982:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 2983: One problem in the marketing of agricultural products in Nigeria is? Options:
  A) the seasonal nature of the commodities
  B) high price of the commodities
  C) the changing tastes of consumers
  D) inadequate storage facilities
  Show Answer
  The correct answer is D .
• Question 2984: Which of the following is NOT among the canons of taxation as set out by Adam Smith? Options:
  A) Equality
  B) Security
  C) Certainty
  D) Convenience
  E) Economy
  Show Answer
  The correct answer is B .
• Question 2985: Efficiency of labour is enhanced by? Options:
  A) Average Total Cost less the sum of Varriable Cost
  B) half the sum of all costs
  C) Total Fixed Cost divided by the the level of output
  D) Total Fixed Cost plus Marginal Cost
  Show Answer
  The correct answer is C .
• Question 2986:

  $\begin{array}{ccc}\text{Output produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  Using the table above, the ATC at 30 units of output is

  Options:
  A) ₦3.00
  B) ₦4.00
  C) ₦60.00
  D) ₦120.00
  Show Answer
  The correct answer is B .
• Question 2987: Which of the following will shift the demand curve for Bournvita to the right Options:
  A) a rise in price of Bournvita
  B) an increase in income
  C) a tax on cocoa producer
  D) a fall in price of Bournvita
  Show Answer
  The correct answer is D .
• Question 2988: As a producer' association, the OPEC expects its members to maintain production where marginal cost is? Options:
  A) greater than price
  B) less than price
  C) equal to price
  D) equal to average cost
  Show Answer
  The correct answer is B .
• Question 2989:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 2990:

  A major determinant of the demand for a luxury good is____________?

  Options:
  A) the price of other goods
  B) the price of the good
  C) tastes and fashion
  D) the income of consumers
  Show Answer
  The correct answer is A .