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 1021: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1022:

  

  Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

  Options:
  A) D_o and S_o; D_o and S₂
  B) D₁ and S₂; D₂ and S_o
  C) D₂ and S₁; D₂ and S₂
  D) D₂ and S_o; D_o and S₂
  Show Answer
  The correct answer is C .
• Question 1023:

  

  To move from point M to K, the consumer has to increase the

  Options:
  A) consumption of X and reduce the consumption of Y
  B) expenditure on Y
  C) expenditure on X
  D) consumption of Y and reduce the consumption of X
  Show Answer
  The correct answer is C .
• Question 1024: During a conflict between management and workers, the union's bargaing power is based on Options:
  A) work-to-rule
  B) negotiation
  C) picketing
  D) management decision
  Show Answer
  The correct answer is B .
• Question 1025:

  

  If the pass mark was 40. how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1026:

  A consumer of a single commodity is in equilibrium when

  Options:
  A) he can equate his demand with price
  B) he equates marginal utility and price
  C) he can equate his marginal and total utilities
  D) his marginal utility is equal to zero
  Show Answer
  The correct answer is B .
• Question 1027: Which of thefollowing items is NOT an argument for locating industries in rural areas? Options:
  A) Rural areas supply agricultural raw material
  B) The pace of development will be quickened in rural areas
  C) Employment will be provided for rural inhabitants
  D) Capital is easily available in rural areas
  E) Suitable humid climate is sometimes found in rural areas
  Show Answer
  The correct answer is D .
• Question 1028: Consumers allocate their resources based on the ______? Options:
  A) Law of diminishing marginal utility
  B) Value in use and value in exchange principle
  C) Law of returns to scale
  D) Diamond and water paradox
  Show Answer
  The correct answer is B .
• Question 1029: The demand curve for a normal good will shift to the left if? Options:
  A) the incomes of consumers rise
  B) the price of the goods rises
  C) the price of complementary goods rises
  D) advertising expenditure on complementary goods increase
  Show Answer
  The correct answer is B .
• Question 1030: Who controls a limited liability company ? Options:
  A) The general manager
  B) The managing director
  C) The owner of 51% of shares
  D) The board of directors
  E) The government
  Show Answer
  The correct answer is D .