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 1251: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 1252:

  An increase in nominal income without increase in price will result to

  Options:
  A) increased real income
  B) increased GDP
  C) decreased real income
  D) decreased GNP
  Show Answer
  The correct answer is A .
• Question 1253: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 1254:

  Business cycle is associated with

  Options:
  A) Recession
  B) Unemployment
  C) Seasonal variation
  D) Inflation
  Show Answer
  The correct answer is A .
• Question 1255: Which of the following is a major determinant of price elasticity of demand? Options:
  A) The price of the commodity
  B) Availability of factors of production
  C) The prices of factors of production
  D) Income of the consumers
  Show Answer
  The correct answer is D .
• Question 1256: The law of diminishing marginal utility states: Options:
  A) The supply curve slopes downward
  B) Your utility grows at a slower and slower rate as you consume more and more unit of a good.
  C) The elasticity of demand is infinite
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1257: The maintenance of general economic stability in the country necessarily relies heavily on? Options:
  A) federal fiscal policy
  B) coordinated federal, state and local fiscal policies
  C) tax and revenue policies of state governments
  D) federal grants to state and local government
  E) federal grants to local governments
  Show Answer
  The correct answer is B .
• Question 1258: The most popular sizes of dresses and shoes are determined by the Options:
  A) range
  B) mean
  C) mode
  D) median
  Show Answer
  The correct answer is C .
• Question 1259: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .
• Question 1260:

  John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  Options:
  A) marginal physical productivity
  B) marginal income productivity
  C) consumer's surplus
  D) economic rent
  Show Answer
  The correct answer is D .