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: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 902:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .
• Question 903:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 904: A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is Options:
  A) supply curve
  B) liquidity preference
  C) Budget line
  D) demand curve
  Show Answer
  The correct answer is C .
• Question 905: If P = $\frac{1}{4}$(Qs + 10). What is the quantity supplied at N14? Options:
  A) 14
  B) 60
  C) 46
  D) 32
  Show Answer
  The correct answer is C .
• Question 906: The difference between gross national product and net national product is equal to? Options:
  A) gross investment
  B) net investment
  C) net foreign income
  D) capital depreciation
  Show Answer
  The correct answer is D .
• Question 907: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .
• Question 908: At any given level of output, the total cost of a firm equals the? Options:
  A) marginal cost plus the average cost
  B) fixed costs less its varriable cost
  C) average cost multiplied by variable costs
  D) economic costs multiplied by variable costs
  Show Answer
  The correct answer is C .
• Question 909: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 910: A firm owned and managed by a family is an example of ______? Options:
  A) joint stock exchange
  B) cooperative society
  C) sole proprietorship
  D) partnership
  Show Answer
  The correct answer is D .