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 921:

  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 922: An important function of the price system is to Options:
  A) ensure that producers' profits remain high
  B) guarantee full employment of resources
  C) allocate resources to most productive uses
  D) protect the economic interests of government
  Show Answer
  The correct answer is D .
• Question 923: The type of business organizations mostly used for producing public goods in Nigeria is Options:
  A) Sole proprietorships
  B) Limited liability companies
  C) Co-operative societies
  D) Statutory corporations
  Show Answer
  The correct answer is D .
• Question 924:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 925: If a total cost curve is plotted, marginal cost can be illustrated by the? Options:
  A) slope of the tangent to the curve at any given output
  B) U-shaped curve cutting the total cost curve at its lowest point
  C) straight line from the origin to the mid-point of the curve
  D) straight line cutting the curve at its highest point
  Show Answer
  The correct answer is B .
• Question 926:

  One of the advantages of large - scale production is that

  Options:
  A) There is a rise in the cost of administration
  B) Consumers sacrifice their individual tastes
  C) The firm can use labour - saving machinery
  D) The demand for a firm's products become localized
  E) Decision making takes a long time because different levels of management are involved
  Show Answer
  The correct answer is C .
• Question 927: Mono production economies are those that? Options:
  A) have a rich cultural heritage
  B) produces only raw materials
  C) live from the export of their raw product
  D) produce one main commodities
  E) specialized in agricultral industries
  Show Answer
  The correct answer is D .
• Question 928:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 929: The inefficient distribution of scarce commodities in Nigeria is mostly due to the? Options:
  A) inefficiency in the middlemen
  B) inefficiency in the production process
  C) long chain of the distribution system
  D) sovereignty of the consumers
  E) ineffectiveness of retailers
  Show Answer
  The correct answer is C .
• Question 930: Which of the following is NOT directly concerned with dealings in treasury bills? Options:
  A) The stock exchange
  B) The Central bank
  C) Commercial banks
  D) Discount houses
  Show Answer
  The correct answer is D .