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 1491: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .
• Question 1492: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
  Show Answer
  The correct answer is D .
• Question 1493: The meaning of ‘wage-price spiral’ is? Options:
  A) demand pull and cost push inflation pulling each other in different director
  B) demand pull and cost push inflation intensifying each other
  C) both of them bringing about a reduction in the price level
  D) that demand pull and cost push inflation increases employment
  E) that wages and prices are rising at a proportional rate
  Show Answer
  The correct answer is B .
• Question 1494: Economics is regarded as a social science because It Options:
  A) helps people to be acceptable In the society
  B) Is associated with social dubs
  C) is used by sociologist
  D) studies human behavior
  E) uses controlled experiment
  Show Answer
  The correct answer is D .
• Question 1495:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1496: When total revenue is at a maximum, marginal revenue is? Options:
  A) constant
  B) negative
  C) zero
  D) positive
  E) maximum
  Show Answer
  The correct answer is C .
• Question 1497: The following is NOT a reason for the existence of small firms Options:
  A) Scale of production is limited by size of the market
  B) Expansion brings diminishing returns
  C) Large firms can carter for wide markets
  D) Small firms can provide personal services
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1498: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .
• Question 1499: Which of the following is NOT a source of government revenue? Options:
  A) Grants, aids and borrowing
  B) Taxes, fees, licenses and fines
  C) Interest, dividends, profits and earnings
  D) personal income, disposable income and transfer earnings
  Show Answer
  The correct answer is D .
• Question 1500:

  The following are economic agents in any economy EXCEPT

  Options:
  A) Central Bank
  B) House hold
  C) Firm
  D) Government
  Show Answer
  The correct answer is A .