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 1651: Import substitution aims at? Options:
  A) substituting agricultural products with industrial ones
  B) substituting imports with agricultural exports
  C) the diversification of industries
  D) improving the balance of payments
  Show Answer
  The correct answer is B .
• Question 1652:

  In the case of highly or close complementary goods, the indifference curve is_______

  Options:
  A) A straight line
  B) A right-angled
  C) L - shaped
  D) Curvature
  Show Answer
  The correct answer is D .
• Question 1653:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 1654: The velocity of money is represented as Options:
  A) $\frac{\text{Money supply}}{\text{Real GDP}}$
  B) $\frac{\text{Real GDP}}{\text{Money supply}}$
  C) $\frac{\text{Nominal GDP}}{\text{Money supply}}$
  D) $\frac{\text{Real GDP}}{\text{Nominal GDP}}$
  Show Answer
  The correct answer is C .
• Question 1655: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 1656:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1657:

  

  The relationship between tax rate and income which is relevant to a progressive tax is shown by

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 1658: A rational consumer will adjust his spending pattern so that Options:
  A) He buys only the one item that gives him most total satisfaction
  B) The marginal utility he gets from the last unit of item is the same
  C) The marginal utility he gets from the last naira spent on each item is the same
  D) The total utility he gets from each item is the same
  E) The total amount of money he spends on each item is the same
  Show Answer
  The correct answer is C .
• Question 1659: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 1660: A consumer's scale of preference is an arrangement of his? Options:
  A) scarce resources in order of importance
  B) needs in order of importance
  C) sources of income and their importances
  D) requirements and how to satisfy them
  Show Answer
  The correct answer is B .