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 1311:

  Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?

  No. of oranges Consumed	Total Utility	Average Utility	Marginal Utility
  1	9	9	-
  2	16	8	x
  3	24	8	6
  4	30	7.5	4
  5	34	6.8	y
  6	36	6	2
  7	36	5.1	0

  Options:
  A) 0.5
  B) 7
  C) 0
  D) 8
  Show Answer
  The correct answer is B .
• Question 1312:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 1313: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
  Show Answer
  The correct answer is B .
• Question 1314: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 1315: The raising of funds by selling stocks to the public is called Options:
  A) equity financing
  B) deficit financing
  C) loan financing
  D) debt financing
  Show Answer
  The correct answer is A .
• Question 1316:

  Nation engage in external trade because of difference in

  Options:
  A) comparative cost
  B) absolute cost
  C) fixed cost
  D) variable cost
  Show Answer
  The correct answer is A .
• Question 1317: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is? Options:
  A) static
  B) infinitely elastic
  C) externally determined
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 1318:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 1319:

  A downward sloping demand curve means that

  Options:
  A) total revenue declines as price is lowered
  B) demand falls as output increases
  C) demand falls as output falls
  D) price must be lowered to sell more
  Show Answer
  The correct answer is D .
• Question 1320:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .