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 1201: If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when Options:
  A) the price-quantity ratios are equal
  B) equal amounts of X and Y are consumed
  C) less of Y and more of X are consumed
  D) less of X and more of Y are consumed
  Show Answer
  The correct answer is A .
• Question 1202:

  An industry is

  Options:
  A) A group of firms producing differentiated products
  B) A group of firms producing distinct commodities
  C) A group of firms producing related goods
  D) A group of firms producing unrelated goods
  Show Answer
  The correct answer is C .
• Question 1203: For a monopolist, the demand curve is Options:
  A) inelastic
  B) perfectly elastic
  C) perfectly inelastic
  D) elastic
  E) unitary elastic
  Show Answer
  The correct answer is C .
• Question 1204: The concept of marginal utility indicates the relationship between utility and _________? Options:
  A) Price
  B) Satisfaction
  C) Cost
  D) Revenue
  Show Answer
  The correct answer is B .
• Question 1205: An important function of the World Bank is to Options:
  A) provide short-run loans to members
  B) encourage trade between members
  C) promote capital-intensive production
  D) provide long-time loans to members
  Show Answer
  The correct answer is D .
• Question 1206: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .
• Question 1207: Economic growth can be accelerated through? Options:
  A) balancing of savings and consumption
  B) postponement of current consumption
  C) planned current consumption
  D) increased current consumption
  Show Answer
  The correct answer is C .
• Question 1208: The African Development Bank was set up in 1964 and has its headquarters in Options:
  A) Burkina Faso
  B) Ivory Coast
  C) Liberia
  D) Niger Republic
  E) Senegal
  Show Answer
  The correct answer is B .
• Question 1209: Economic problem arises as a result of Options:
  A) choice
  B) money cost
  C) opportunity cost
  D) scarcity
  E) scale of preference
  Show Answer
  The correct answer is D .
• Question 1210: The frequent value that occurs most in a data is Options:
  A) median
  B) mean
  C) mode
  D) range
  Show Answer
  The correct answer is C .