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 711:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 712:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .
• Question 713:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 714:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 715: Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to? Options:
  A) 10.20
  B) 3.57
  C) 1.25
  D) 0.80
  Show Answer
  The correct answer is C .
• Question 716: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 717: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 718:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 719: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 720: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .