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 901:

  $\begin{array}{cc}\text{Units of variable factor}& \text{Total Product}\\ 1& 25\\ 2& 31\\ 3& 40\\ 4& 48\\ 5& 55\end{array}$

  The marginal product at the fifth variable factor is

  Options:
  A) 7
  B) 6
  C) 5
  D) 9
  Show Answer
  The correct answer is A .
• Question 902:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 903: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
  Show Answer
  The correct answer is C .
• Question 904: The difference between Gross National Income and Gross Domestic Product is known as Options:
  A) capital consumption
  B) debt repayments
  C) Investment abroad
  D) net income from abroad
  E) net saving
  Show Answer
  The correct answer is D .
• Question 905: Fixing price above equilibrium will cause Options:
  A) demand and supply to remain constant
  B) an increase in quantity supplied
  C) an increase in supply
  D) a decrease in quantity supplied
  Show Answer
  The correct answer is B .
• Question 906:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 907:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .
• Question 908:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 909:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 910: Government participation in the oil industry was necessitated by the Options:
  A) annual increase in production
  B) formation of OPEC
  C) high demand for crude oil
  D) huge investment outlay
  Show Answer
  The correct answer is B .