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 population level that yields the maximum output when combined with available resources is known as Options:
  A) dependent population
  B) maximum population
  C) active population
  D) productive population
  E) optimum population
  Show Answer
  The correct answer is E .
• Question 1412:

  If the marginal utility of commodity is equal to its price, then

  Options:
  A) the consumer is in equilibrium
  B) more of the commodity can be consumed
  C) total utility is also equal to its price
  D) the market is not in equilibrium
  Show Answer
  The correct answer is A .
• Question 1413: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .
• Question 1414: What is the effect of inelastic demand for agricultural products on the income of a farmer? Options:
  A) A price rise results in its fall
  B) A price fall results in its fall
  C) A price fall results in its rise
  D) A price rise leaves the income unchanged
  Show Answer
  The correct answer is A .
• Question 1415: One of the ways of improving the marketing of agricultural produce is by Options:
  A) Reviewing the land tenure system
  B) Ensuring even distribution of farm inputs
  C) Embarking on irrigation farming
  D) Establishing agricultural marketing boards
  Show Answer
  The correct answer is D .
• Question 1416: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
  Show Answer
  The correct answer is A .
• Question 1417: Imperfect market is characterized by Options:
  A) perfect mobility of factors of production
  B) many buyers and few sellers
  C) a large number of buyers and sellers
  D) non-preferential treatment
  Show Answer
  The correct answer is B .
• Question 1418: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 1419: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .
• Question 1420: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .