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 71:

  No of Men	1	2	3	4	5	6	7	8
  Total Product(unit)	200	440	540	600	640	660	660	640

  If the price per unit  is N2, what is the average revenue when 6 men are employed?

  Options:
  A) N110
  B) N120
  C) N220
  D) N330
  Show Answer
  The correct answer is A .
• Question 72: If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is Options:
  A) N 214 million
  B) N 45 million
  C) N 105 million
  D) N 500 million
  Show Answer
  The correct answer is D .
• Question 73: Which of the following is used by the Central Bank to control the rate of interest? Options:
  A) Bill of Exchange
  B) Banker's order
  C) Fixed deposit account
  D) Open market operation
  Show Answer
  The correct answer is B .
• Question 74: Production in Economics can be defined as the Options:
  A) totality of producing, buying and consuming
  B) transformation of raw materials and services in order to provide ultimate utility
  C) transformation of raw materials and services in order to make maximum profit
  D) production of goods and services for consumption
  Show Answer
  The correct answer is D .
• Question 75:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 76:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 77: When marginal cost equals marginal revenue of products Options:
  A) the firms is producing at a loss
  B) the firm is at a break-even point
  C) the firm is making the least profit
  D) the supplementary cost of the firm is highest
  E) the firm has maximum profit
  Show Answer
  The correct answer is B .
• Question 78:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 79:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 80: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .