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 531:

  

  In the diagram, (III) refers to the calculation of national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 532: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 533: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 534: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 535: An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry. Options:
  A) construction
  B) conversion
  C) manufacturing
  D) mining
  E) processing
  Show Answer
  The correct answer is C .
• Question 536: A producer sustains a loss in the short run if Options:
  A) marfinal revenue is less than price
  B) price is less than average cost
  C) average variable cost is less than average cost
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 537: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 538: Division of labour is limited by the? Options:
  A) available of raw materials
  B) size of the labour force
  C) size of a labour firm
  D) absolute size of the country's population
  E) per capital income and number of potential buyers
  Show Answer
  The correct answer is B .
• Question 539: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 540: If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is? Options:
  A) 50 oranges
  B) 10 oranges
  C) 5 oranges
  D) 9.80
  Show Answer
  The correct answer is A .