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 61: By ‘trade by barter’, we mean Options:
  A) Trade done by people in the village
  B) Exchange of goods for money
  C) International trade
  D) Exchange of goods for goods
  E) The trade of the middle ages
  Show Answer
  The correct answer is D .
• Question 62: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 63: The ability of commercial banks to create money depends on the Options:
  A) reserve ratio
  B) liquidity ratio
  C) interest rate
  D) capital base
  Show Answer
  The correct answer is A .
• Question 64: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 65:

  

  The diagram represents a production function. At which of the points does diminishing returns set in

  Options:
  A) I
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is B .
• Question 66:

  The economic term used to refer to human wants, desires or needs is known as?

  Options:
  A) Ends
  B) Alternative means
  C) Scarce
  D) Means
  Show Answer
  The correct answer is A .
• Question 67:

  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 68: In a capitalist economy, the economic problem of what goods to produce is decided mainly by? Options:
  A) shadow prices
  B) profit level
  C) relative prices
  D) a central planner
  Show Answer
  The correct answer is B .
• Question 69:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 70:

  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 .