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:

  

  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 1412:

  Which of the following countries is not a member of the Economic Community of West African States?

  Options:
  A) Sudan
  B) Gambia
  C) Togo
  D) Nigeria
  Show Answer
  The correct answer is A .
• Question 1413:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1414: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
  Show Answer
  The correct answer is B .
• Question 1415: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
  Show Answer
  The correct answer is C .
• Question 1416: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? Options:
  A) An indifference curve
  B) An exceptional demand curve
  C) A budget line
  D) An isoquant map
  Show Answer
  The correct answer is A .
• Question 1417: In Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 1418: If the population of a school is 600 and 60% are In JSS, how many students are in SSS? Options:
  A) 204
  B) 224
  C) 240
  D) 244
  E) 248
  Show Answer
  The correct answer is C .
• Question 1419: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
  Show Answer
  The correct answer is B .
• Question 1420:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .