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 1091: Demand for a commodity by a consumer is the quantity of that commodity that the consumer Options:
  A) demands at a given price at a point in time
  B) demand at a given price
  C) actually digests
  D) produces, given its price
  E) can store away during bnad weather
  Show Answer
  The correct answer is A .
• Question 1092:

  In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

  Options:
  A) Marginal utility
  B) Form utility
  C) Place utility
  D) Total utility
  Show Answer
  The correct answer is C .
• Question 1093: By ‘trade by barter’, we mean Options:
  A) Trade done by people in the village
  B) Exchange of goods for money
  C) International trade
  D) Exchange of goods for goods
  E) The trade of the middle ages
  Show Answer
  The correct answer is D .
• Question 1094: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 1095:

  The use of legally permissible means to reduce tax liabilities is known as tax?

  Options:
  A) evasion
  B) avoidance
  C) relief
  D) exemption
  Show Answer
  The correct answer is C .
• Question 1096: In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of? Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 1097: Government intervention in an economy is often justified on the group that? Options:
  A) wants are unlimited while resources are scarce
  B) productivity is higher in the public than in the private sector
  C) free market may not work, or produce desirable results
  D) opportunity cost of government expenditure is zero
  Show Answer
  The correct answer is A .
• Question 1098: The major reason for the survival of small shops despite competition from large business enterprises is because of? Options:
  A) the small capital outlay involved
  B) regularity and constant supply of commodities by them
  C) their local srvices and longer hours of operation
  D) their level of managerial competence
  Show Answer
  The correct answer is C .
• Question 1099: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1100: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .