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 541: Which of the following is NOT a factor determining supply? Options:
  A) cost of production
  B) climatic condition or weather
  C) income of the producers
  D) number of producers
  E) technological development
  Show Answer
  The correct answer is A .
• Question 542: The most generally accepted definition of economics is Options:
  A) an inquiry into the nature and causes of the wealth of nations
  B) the science of material welfare
  C) the science which studies human behavior as a relationship between ends and scarce means which have alternative use
  D) the science that treats phenomena from the stand point of price
  E) the practical science of production and distribution of wealth
  Show Answer
  The correct answer is C .
• Question 543: Which of the following type of capital is not rewarded by means of dividends? Options:
  A) Ordinary shares
  B) Preference shares
  C) cummulative shares
  D) participating preference shares
  E) depentures
  Show Answer
  The correct answer is E .
• Question 544:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 545: Merchants banks perform all the following functions EXCEPT? Options:
  A) raising of capital for industry
  B) provision of current account facilities
  C) management of investment portfolios
  D) provision of credit for overseas trade
  Show Answer
  The correct answer is B .
• Question 546:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 547: Import duty concessions on the industrial inputs directly benefit the Options:
  A) consumers
  B) external sector
  C) commercial sector
  D) manufacturers
  Show Answer
  The correct answer is D .
• Question 548: Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is Options:
  A) rational
  B) consistent
  C) inconsistent
  D) transitive
  Show Answer
  The correct answer is C .
• Question 549: Which of the following goods are NOT examples of joint supply? Options:
  A) Beef and hides
  B) fuel and kerosene
  C) Palm oil and kernel
  D) Tea and coffee
  E) Wool and Mutton
  Show Answer
  The correct answer is D .
• Question 550: When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are? Options:
  A) zero and decreasing
  B) decreasing and zero
  C) negative and decreasing
  D) both at their maximum
  Show Answer
  The correct answer is A .