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 1381: The inefficient distribution of scarce commodities in Nigeria is mostly due to the? Options:
  A) inefficiency in the middlemen
  B) inefficiency in the production process
  C) long chain of the distribution system
  D) sovereignty of the consumers
  E) ineffectiveness of retailers
  Show Answer
  The correct answer is C .
• Question 1382: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 1383: Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as? Options:
  A) real income
  B) profit
  C) economic rent
  D) real wage
  Show Answer
  The correct answer is C .
• Question 1384:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 1385:

  

  In the table above, the price of commodity y is ₦2 and that of x is ₦1 while the individual has an income of ₦12. Determine the combination of the two commodities the individual should consume to maximize his utility

  Options:
  A) 3y and 3x
  B) 6y and 4x
  C) 3y and 6x
  D) 5y and 5x
  Show Answer
  The correct answer is C .
• Question 1386:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 1387: The additional cost incurred by producing an additional unit of output is known as Options:
  A) Fixed cost
  B) Total cost
  C) Average cost
  D) Marginal cost
  Show Answer
  The correct answer is D .
• Question 1388: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 1389: Which of the following is NOT a measure for controlling inflation? Options:
  A) Reduction in money supply
  B) Wage restraint and wage freeze
  C) Reduction in taxes and increase in government spending
  D) price control
  E) Credit restriction
  Show Answer
  The correct answer is C .
• Question 1390: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
  Show Answer
  The correct answer is B .