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 1271: An emerging agricultural export crop in Nigeria is Options:
  A) cassava
  B) cotton
  C) cocoa
  D) soya beans
  Show Answer
  The correct answer is C .
• Question 1272: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 1273:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1274:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 1275: A manufacturer who wants to build a new plant will source funds from the Options:
  A) commercial banks
  B) money market
  C) capital market
  D) government
  Show Answer
  The correct answer is C .
• Question 1276: Technical progress that leads to a reduction in costs results in? Options:
  A) an increase in equilibrium price and quantity
  B) a decrease in equilibrium price and quantity
  C) an increase in equilibrium price and decrease in equilibrium quantity
  D) a decrease in equilibrium price and increase in equilibrium quantity
  Show Answer
  The correct answer is D .
• Question 1277:

  Use the following information given to answer this question

  Total of all expenditure incurred during the year ₤ 80,000m

  Indirect taxes on goods and services ₤ 8,000m

  Capital consumption ₤ 6,000m

   

  National income is__________

  Options:
  A) ₤ 74,000m
  B) ₤ 66,000m
  C) ₤ 60,000m
  D) ₤ 14,000m
  Show Answer
  The correct answer is B .
• Question 1278:

  

  Commercial banks can create money in the following ways

  Options:
  A) by issuing coins and paper money
  B) by borrowing money from Banks abroad
  C) by receiving deposits from individuals
  D) by printing money on the instructions of the Central Bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1279:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 1280:

  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 .