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 1041: If high unemployment goes hand in hand with rising prices, the situation created is? Options:
  A) hyperinflation
  B) stagflation
  C) moderate inflation
  D) galloping inflation
  Show Answer
  The correct answer is B .
• Question 1042: A consumer's scale of preference is an arrangement of his? Options:
  A) scarce resources in order of importance
  B) needs in order of importance
  C) sources of income and their importances
  D) requirements and how to satisfy them
  Show Answer
  The correct answer is B .
• Question 1043: A firm achieves least-cost in production by substituting factors until? Options:
  A) their prices are equal
  B) the ratio of their marginal -physical-products equals the ratio of their prices
  C) their marginal -physical-products are each equal to their factor prices
  D) their marginal -physical-products are each equal to zero
  Show Answer
  The correct answer is B .
• Question 1044:

  A positive effect of a rapid population increase is

  Options:
  A) an excessive budget deficit
  B) a reduction in standard of living
  C) a wider market for goods and services
  D) a higher dependency ratio
  Show Answer
  The correct answer is C .
• Question 1045: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 1046: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .
• Question 1047: Comparison of interpersonal utility is impossible because Options:
  A) utility is measured in utils
  B) marginal utility is not observable
  C) utility is subjectively determined
  D) individual income differ
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  The correct answer is A .
• Question 1048:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 1049: The rate of interest change on loans depends largely on Options:
  A) the prevailing exchange rate
  B) marginal efficiency of capital
  C) the risk associated with the loan
  D) the prevailing tax rate
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  The correct answer is C .
• Question 1050:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .