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 1061:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 1062: 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 1063:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .
• Question 1064: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 1065:

  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 1066: An industry's supply curve is more likely to be elastic when firms are Options:
  A) enjoying free entry and exit
  B) operating at full capacity
  C) operating below capacity
  D) maximizing profits
  Show Answer
  The correct answer is A .
• Question 1067:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.Calculate the mean?

  Options:
  A) 45.5
  B) 55.6
  C) 55.8
  D) 65.8
  Show Answer
  The correct answer is C .
• Question 1068: Which of the following is a good example of invisible item on balance of payments account? Options:
  A) Shipping and aviation
  B) Export and imports
  C) Merchandise
  D) Bullion
  Show Answer
  The correct answer is A .
• Question 1069:

  Which of the following is NOT one of the characteristics of developing countries?

  Options:
  A) High unemployment
  B) Mono- product economy
  C) High capital formation
  D) Low saving
  Show Answer
  The correct answer is B .
• Question 1070: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
  Show Answer
  The correct answer is B .