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 1441: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 1442: The determinants of elasticity include? Options:
  A) price, time and availability of alternatives
  B) technology and cost of production
  C) time and availability of alternatives
  D) price, time and technology changes
  Show Answer
  The correct answer is A .
• Question 1443:

  A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

  Options:
  A) $302.00
  B) $52.00
  C) $18.00
  D) $622.00
  Show Answer
  The correct answer is C .
• Question 1444: When a consumer is at equilibrium, the MRS_xy is equal to the Options:
  A) sum of the prices
  B) product of the two prices
  C) ratio of the two prices
  D) difference of the two prices
  Show Answer
  The correct answer is A .
• Question 1445:

  Money could be defined as

  Options:
  A) Options A, B and C
  B) Medium of exchange
  C) Settlement of debt
  D) Medium of payment
  Show Answer
  The correct answer is A .
• Question 1446:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .
• Question 1447: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1448: Bank consolidation policy in Nigeria is a measure to increase Options:
  A) the capital base of banks
  B) employment opportunities in banks
  C) the number of shareholders
  D) the number of branches
  Show Answer
  The correct answer is A .
• Question 1449:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
  Show Answer
  The correct answer is B .
• Question 1450: A monopolist will practice price discrimination in two markets if? Options:
  A) the cost of separating the markets is large
  B) the markets have different elasticities of demand
  C) there is free flow of information in the two markets
  D) there is a patent of the commodity
  Show Answer
  The correct answer is B .