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 381:

  $\begin{array}{cc}\text{Price N}& \text{Quantity sold}\\ 5& 15\\ 5& 16\\ 5& 17\\ 5& 18\end{array}$

  Marginal revenue is

  Options:
  A) N5
  B) N6
  C) N8
  D) N10
  Show Answer
  The correct answer is A .
• Question 382: The best way to reduce the supply of money in the economy is to? Options:
  A) increase the liquidity ratio
  B) increase the number of bank-notes and cheques produced
  C) decrease treasury bills
  D) liberalize access to credit
  Show Answer
  The correct answer is A .
• Question 383: A monopolist has the power to influence the prices of goods and services. Therefore, he is a Options:
  A) price maker
  B) price taker
  C) price system
  D) price competition
  Show Answer
  The correct answer is A .
• Question 384: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 385: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
  Show Answer
  The correct answer is A .
• Question 386: Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour. Options:
  A) 20
  B) 13
  C) 15
  D) 10
  Show Answer
  The correct answer is C .
• Question 387: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 388: The joint ventures operating in the Nigerian oil industry are between? Options:
  A) the NNPC and independent marketers
  B) the NNPC and multinational marketers
  C) the NNPC and producer marketers
  D) multinational corperations and independent marketers
  Show Answer
  The correct answer is C .
• Question 389:

  The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .
• Question 390:

  The sector which contribute highly to the economy is___________

  Options:
  A) Primary sector
  B) Secondary sector
  C) Tertiary sector
  D) Education sector
  Show Answer
  The correct answer is A .