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 1611: The main function of the price system is to? Options:
  A) distribute resources equally among competing ends
  B) ensure efficient allocation of resources in the economic system
  C) allocate goods and services equally
  D) minimize cheating
  Show Answer
  The correct answer is B .
• Question 1612:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1613:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .
• Question 1614: If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the? Options:
  A) marginal revenue of the enterprise
  B) marginal revenue product of labour in the enterprise
  C) average revenue of the enterprise
  D) marginal cost of production
  Show Answer
  The correct answer is B .
• Question 1615:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 1616:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .
• Question 1617:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 1618: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 1619: One of the factors which is likely to check the growth of public debts is? Options:
  A) bridging the resources gap
  B) debt reputation
  C) debts rescheduling
  D) debt-equility swap
  Show Answer
  The correct answer is D .
• Question 1620: NEPA as a public corporation is? Options:
  A) a power generating industry in Nigeria
  B) organized in a perfect competitive market
  C) a duopoly
  D) a monopolistically competitive industry
  E) a monopoly
  Show Answer
  The correct answer is E .