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 1:

  By utility we mean________

  Options:
  A) Uselessness
  B) Power of satisfying a want
  C) Beneficial
  D) Consumable
  Show Answer
  The correct answer is B .
• Question 2:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 3: When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be Options:
  A) Zero
  B) Greater than one
  C) One
  D) Between zero and infinity
  Show Answer
  The correct answer is C .
• Question 4: If the standard deviation of a given data is 53, what is the variance? Options:
  A) 2082
  B) 2809
  C) 2808
  D) 2209
  Show Answer
  The correct answer is B .
• Question 5: One of the gains by member states of the Economic Community of West Africa? Options:
  A) monocultural dependency
  B) trade creation
  C) trade inversion
  D) economic independency
  Show Answer
  The correct answer is C .
• Question 6: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 7:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 8: A reduction in the bank rate encourages commercial banks to create money by Options:
  A) Decreasing the interest rate
  B) maintaining the interest rate
  C) Doubling the interest rate
  D) Raising the interest
  Show Answer
  The correct answer is B .
• Question 9: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
  Show Answer
  The correct answer is A .
• Question 10: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
  Show Answer
  The correct answer is C .