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 331:

  Gross National Product (GNP) less the provision for the wear and tear of assets is the

  Options:
  A) net present value
  B) net national product
  C) net factor income
  D) net indirect taxes
  Show Answer
  The correct answer is B .
• Question 332:

  

  If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is B .
• Question 333:

  

  Find the mean price of the distribution.

  Options:
  A) N54
  B) N51
  C) N56
  D) N59
  Show Answer
  The correct answer is B .
• Question 334: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .
• Question 335: For a firm, value added can be defined as the difference between the Options:
  A) input prices and product prices
  B) value of its output and inputs purchased from other firms
  C) value of its output and the cost of production
  D) total revenue and total cost
  Show Answer
  The correct answer is B .
• Question 336: A firm's shut-down point is reach when the average revenue fails to cover the? Options:
  A) average variable cost
  B) marginal cost
  C) average total cost
  D) average fixed cost
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  The correct answer is B .
• Question 337:

  

  The line Y in the diagram represents

  Options:
  A) total cost
  B) variable cost
  C) fixed cost
  D) marginal cost
  Show Answer
  The correct answer is C .
• Question 338: The most threatening problem for the less developed countries is? Options:
  A) the continual depletion of their soil fertility
  B) the rise of nationalism
  C) population explosion
  D) their differences towards economic growth
  Show Answer
  The correct answer is C .
• Question 339: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 340: In economics, the “how” or input question refers to: Options:
  A) The problem of allocating scarce resources among competing uses
  B) The way in which factors of production may be combined to produce output
  C) The way in which a firm decides on its profit maximising rate of output
  D) The problem of how output is distributed among individuals and groups in society.
  Show Answer
  The correct answer is B .