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 1461: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .
• Question 1462: Which of the following statements is true? Options:
  A) A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
  B) taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
  C) The sole proprietor is a legal entity
  D) the influence of demand on price will be smallest on the short run
  E) the cost of production is the most important determining factor of supply in the long run
  Show Answer
  The correct answer is A .
• Question 1463: An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy. Options:
  A) capitalist
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .
• Question 1464: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
  Show Answer
  The correct answer is D .
• Question 1465: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
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  The correct answer is C .
• Question 1466: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .
• Question 1467: If real income increases while nominal income remains the same, it can be inferred that Options:
  A) Unemployment rate has decreased
  B) General prices has fallen
  C) Employment rate has risen
  D) General prices have risen
  Show Answer
  The correct answer is B .
• Question 1468: As consumption of beer increases, its marginal utility to a drinker will Options:
  A) Increase
  B) Remain constant
  C) Fluctuate
  D) Decrease
  E) Change proportionally
  Show Answer
  The correct answer is D .
• Question 1469: Balance of trade is the difference between? Options:
  A) exports and imports of goods and services
  B) capital inflows and capital outflows
  C) visible and invisible balances
  D) exports and imports of goods
  Show Answer
  The correct answer is D .
• Question 1470:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .