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 781: Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore? Options:
  A) inconsistent
  B) consistent
  C) transitive
  D) rational
  Show Answer
  The correct answer is A .
• Question 782: 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 783: To compare the standard of living among nations, the most widely used economic indicator is the Options:
  A) real gross national income
  B) real domestic output
  C) real per capita income
  D) per capita nominal income
  Show Answer
  The correct answer is C .
• Question 784:

  The labour force of a country is determined by the___________

  Options:
  A) geographical distribution of the population
  B) age structure of the population
  C) number of people available for work
  D) sex distribution of the population
  Show Answer
  The correct answer is B .
• Question 785: Agricultural backward-linkage effect means the establishment of Options:
  A) subsidiary industries to increase the number of industries
  B) main industries to increase output
  C) industries to reduce imports
  D) subsidiary industries to feed the main industry
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  The correct answer is D .
• Question 786: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .
• Question 787: Production is said to be complete when goods and services gets to the Options:
  A) consumers
  B) distributors
  C) retailers
  D) warehouses
  E) wholesalers
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  The correct answer is A .
• Question 788: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .
• Question 789: If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then? Options:
  A) the equilibrium price and quantity will increase
  B) only the price will increase
  C) only the quantity will increase
  D) the price will remain constant
  Show Answer
  The correct answer is B .
• Question 790:

  A company's expenditure on raw materials is regarded as?

  Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .