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 651: Given that ∑fx = 340 and N = 20, find the arithmetic mean. Options:
  A) 20
  B) 17
  C) 32
  D) 9
  Show Answer
  The correct answer is B .
• Question 652: Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as? Options:
  A) real income
  B) profit
  C) economic rent
  D) real wage
  Show Answer
  The correct answer is C .
• Question 653:

  Wholesalers play an important in the distribution of goods and services because they

  Options:
  A) are located very close to consumers
  B) finance both producers and retailers
  C) pass information on from retailers to consumers
  D) sell in small units to consumers
  Show Answer
  The correct answer is B .
• Question 654:

  A  capital market differs from the money market in that in the former ________?

  Options:
  A) The percentage of interest charged is more
  B) Loan sought is long term
  C) Loan repayment is guaranteed
  D) Loan sought is short-term
  Show Answer
  The correct answer is B .
• Question 655:

  Which of the following factors is not a reason for farmers' unstable incomes?

  Options:
  A) dependence on too many crops
  B) poor storage facilities
  C) adverse weather conditions
  D) recession in the world economy
  Show Answer
  The correct answer is A .
• Question 656: 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 657:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 658: Oligopoly means Options:
  A) large number of sellers in the markets
  B) single seller in the market
  C) few sellers in the markets
  D) few buyers in the market
  E) single buyer in the market
  Show Answer
  The correct answer is C .
• Question 659:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 660: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .