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: With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the? Options:
  A) total utility derived from each goods and services is increasing at an increasing rate
  B) marginal utility derived from each good or service is increasing at the same rate
  C) marginal utility derived per naira spent is the same for all the goods and services
  D) total utility derived from all the goods and services is large
  Show Answer
  The correct answer is C .
• Question 2: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 3: If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county Options:
  A) 48%
  B) 64%
  C) 40%
  D) 52%
  Show Answer
  The correct answer is B .
• Question 4:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .
• Question 5: In a public company, shares are? Options:
  A) sold to one person only
  B) distributed freely
  C) advertised to members of the public for subscription
  D) disposed by the Chief Executive
  Show Answer
  The correct answer is C .
• Question 6:

  Which of the following will cause an increase in cost of production?

  Options:
  A) Hyper-inflation
  B) Cost push inflation
  C) Structural inflation
  D) Demand pull inflation
  Show Answer
  The correct answer is B .
• Question 7: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .
• Question 8:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .
• Question 9:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 10: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .