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 291: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
  Show Answer
  The correct answer is B .
• Question 292: An important function of the price system is to Options:
  A) ensure that producers' profits remain high
  B) guarantee full employment of resources
  C) allocate resources to most productive uses
  D) protect the economic interests of government
  Show Answer
  The correct answer is D .
• Question 293:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .
• Question 294: Excise duties are taxes levied on Options:
  A) goods coming into the country
  B) goods going out of the country
  C) industrial incomes
  D) locally manufactured goods
  E) selected consumer durable
  Show Answer
  The correct answer is D .
• Question 295: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 296:

  If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

  Options:
  A) scale of preference
  B) opportunity cost
  C) complementary demand
  D) double coincidence of wants
  Show Answer
  The correct answer is D .
• Question 297: We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because Options:
  A) it is the dependent population of Nigeria, economically
  B) all student in Nigeria are in this group
  C) more than 50% of all Nigerians are in this group
  D) it is the most expensive group of the economy
  E) it is the productive group of the economy
  Show Answer
  The correct answer is E .
• Question 298: Which of the following can have their shares quoted on the stock exchange? Options:
  A) Public corporations
  B) A partnership
  C) A consumer corporative
  D) A public limited liability company
  Show Answer
  The correct answer is D .
• Question 299:

  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 .
• Question 300:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .