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 631: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
  Show Answer
  The correct answer is B .
• Question 632: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
  Show Answer
  The correct answer is B .
• Question 633: The major objective of economic growth is to? Options:
  A) redistribute income and other benefits of growth
  B) equalize opportunities for education and employment
  C) increase the aggregate expenditure on goods and services
  D) increase real per capital income
  Show Answer
  The correct answer is D .
• Question 634:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 635: A production possibility curve shows? Options:
  A) how much of the resources of society are used to produce a particular commodity
  B) the rate of inflation
  C) the rate of unemployment in the economy
  D) the various combinations of two commodities that can be produced
  Show Answer
  The correct answer is D .
• Question 636:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 637: if $\overline{x}$ = 6 and N = 6, determine the value of ∑fx Options:
  A) 36
  B) 12
  C) 1
  D) 72
  Show Answer
  The correct answer is A .
• Question 638: Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as? Options:
  A) proportional tax
  B) progressive tax
  C) competitive tax
  D) excise tax
  E) regressive tax
  Show Answer
  The correct answer is E .
• Question 639: Goods sold in perfectly competitive markets are generally Options:
  A) homogenous
  B) intermediate and final
  C) durable and non-durable
  D) heterogeneous
  Show Answer
  The correct answer is A .
• Question 640:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .