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 1151:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .
• Question 1152:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 1153:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1154: If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index Options:
  A) 100
  B) 200
  C) 240
  D) 300
  Show Answer
  The correct answer is B .
• Question 1155:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  What is the ratio of expenditure of health to Agriculture?

  Options:
  A) 2:3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 1156:

  

  The excess profit made by the firm in the short-run is represented by

  Options:
  A) ORTZ
  B) OPVY
  C) ORTW
  D) ORSX
  Show Answer
  The correct answer is A .
• Question 1157: Which of the following statement is NOT true about agriculture in West Africa? Options:
  A) Agriculture employs over 60% of West Africa’s occupied population
  B) Agriculture production is the basis for excise taxes in West Africa
  C) Many West Africa countries depend on agricultural exports for foreign exchange earnings
  D) Agriculture supplies West African industries with raw materials
  E) Agriculture provides incomes to West African farmers who engaged in it
  Show Answer
  The correct answer is B .
• Question 1158: Which of the following statements describes a mixed economy? Options:
  A) The government and the private sector interact in solving the basic economic problems
  B) The invisible hand solves the basic economic problems
  C) The government produces and distributes all goods and services
  D) Society answers the 'what', 'how', and 'for whom' questions only through the market system
  Show Answer
  The correct answer is A .
• Question 1159:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1160:

  

  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 .