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:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .
• Question 1202: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 1203: The following is NOT a reason for the existence of small firms Options:
  A) Scale of production is limited by size of the market
  B) Expansion brings diminishing returns
  C) Large firms can carter for wide markets
  D) Small firms can provide personal services
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1204:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1205: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he Options:
  A) stops consuming more of the commodity
  B) reduces the quantity consumed
  C) increases the quantity consumed
  D) consumes more of another commodity
  Show Answer
  The correct answer is C .
• Question 1206: In a sole proprietorship, the decisions are made by the? Options:
  A) governmnet
  B) borad of directors
  C) management
  D) shareholders'conference
  E) owner
  Show Answer
  The correct answer is E .
• Question 1207:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 1208:

  The business risks of a public corporation are borne ultimately________

  Options:
  A) by the government
  B) by the treasury
  C) by the rate payers
  D) by the tax payers
  Show Answer
  The correct answer is D .
• Question 1209: According to the income approach to national income measurement, the national income of a country is equal to? Options:
  A) the value of all output produced in the country over the relevant period of time at market prices
  B) the value of output at factors cost
  C) the value added to production
  D) C +I + G
  Show Answer
  The correct answer is D .
• Question 1210: The production possibility curve can be used to explain the underlying concepts of Options:
  A) scale of preference and choice
  B) opportunity cost and choice
  C) wants and means
  D) opportunity cost and scale of preference
  Show Answer
  The correct answer is B .