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 1241: Economic growth can be accelerated through Options:
  A) excess current consumption
  B) excess consumption over investment
  C) increased current consumption
  D) increased current investment
  Show Answer
  The correct answer is D .
• Question 1242: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 1243: In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when Options:
  A) MUX = MUA
  B) MUX = PX
  C) PX = X
  D) PX = PY
  Show Answer
  The correct answer is B .
• Question 1244: The largest liability appearing in the book of a commercial bank is Options:
  A) cash
  B) deposits
  C) loans and advances
  D) capital and reserves
  E) treasury bills
  Show Answer
  The correct answer is B .
• Question 1245: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
  Show Answer
  The correct answer is D .
• Question 1246: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 1247: One of the functions money is that, it helps? Options:
  A) detect frauds in matters of exchange
  B) postponed payments without loss of count
  C) store information about the valuation of an item
  D) record information about the valuation of an item
  Show Answer
  The correct answer is C .
• Question 1248: A persistent rise in the general level of prices implies? Options:
  A) an increase in some prices
  B) a one-time rise in prices
  C) a steady fall in the purchasing power of money
  D) that the higher the price level, the more the value of money
  Show Answer
  The correct answer is C .
• Question 1249:

  Effective demand for a commodity is desire for that commodity backed by_______

  Options:
  A) a wish for the lowest possible price
  B) ability and willingness to pay
  C) cash in one's pocket
  D) a promise to make payment
  Show Answer
  The correct answer is B .
• Question 1250:

  $\begin{array}{cc}\text{Units of variable factor}& \text{Total Product}\\ 1& 25\\ 2& 31\\ 3& 40\\ 4& 48\\ 5& 55\end{array}$

  The marginal product at the fifth variable factor is

  Options:
  A) 7
  B) 6
  C) 5
  D) 9
  Show Answer
  The correct answer is A .