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 1341:

  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 1342:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 1343:

  

  Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is D .
• Question 1344: A persistent rise in the prices of inputs will lead to Options:
  A) hyperinflation
  B) stagflation
  C) cost-push inflation
  D) demand-pull inflation
  Show Answer
  The correct answer is C .
• Question 1345: If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to? Options:
  A) land and related factors
  B) abundance of natural resources
  C) level of human capital
  D) technical progress or other factors
  E) the discipline of political leadership
  Show Answer
  The correct answer is A .
• Question 1346: Given that TC = TFC + TVC and TR = AR x Q, profit is equal to Options:
  A) (AR + Q) - TFC
  B) $\frac{\text{(TFC + TVC)}}{Q}$
  C) (AR x Q) - TC
  D) $\frac{\text{(TC x Q)}}{AR}$
  Show Answer
  The correct answer is C .
• Question 1347: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 1348: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1349:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  What is the change in income?

  Options:
  A) N0.5m
  B) N1.5m
  C) N2.6m
  D) N8.0m
  Show Answer
  The correct answer is D .
• Question 1350: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .