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 1411:

  

  The flow labelled Y refers to

  Options:
  A) real income
  B) factor payment
  C) factor input
  D) national income
  Show Answer
  The correct answer is C .
• Question 1412:

  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 1413: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .
• Question 1414: The price index is calculated as Options:
  A) $\frac{\text{weighted price}}{\text{current price}}$ x $\frac{100}{1}$
  B) $\frac{\text{base year price}}{\text{current price}}$ x $\frac{100}{1}$
  C) $\frac{\text{current price}}{\text{weighted price}}$ x $\frac{100}{1}$
  D) $\frac{\text{current price}}{\text{base year price}}$ x $\frac{100}{1}$
  Show Answer
  The correct answer is D .
• Question 1415:

  In perfectly elastic supply, the supply curve

  Options:
  A) is vertical
  B) is horizontal
  C) slopes upward
  D) slopes downward
  Show Answer
  The correct answer is B .
• Question 1416: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 1417: Diminishing marginal utility implies that Options:
  A) total utility decreases as consumption increases
  B) marginal utility increases as consumption increases
  C) marginal utility deceases as consumption increase
  D) marginal utility decreases as consumption decreases
  Show Answer
  The correct answer is C .
• Question 1418:

  

  In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is

  Options:
  A) 13:3
  B) 1:5
  C) 18:4
  D) 5:1
  Show Answer
  The correct answer is D .
• Question 1419: In a free market economy, the price system allocates resources? Options:
  A) under government's directives
  B) to ensure general welfare
  C) to their best alternatives
  D) to reduce poverty
  Show Answer
  The correct answer is C .
• Question 1420: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .