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 1661: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 1662: The main objective of the Economic Community of West African State is to? Options:
  A) estabilish a West African Development Bank
  B) create a West African army
  C) introduce a common currency for the sub-region
  D) promote the free movement of persons, goods and services within the sub-region
  Show Answer
  The correct answer is D .
• Question 1663: Scarcity in economics means that? Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 1664: Efficiency of labour is enhanced by? Options:
  A) Average Total Cost less the sum of Varriable Cost
  B) half the sum of all costs
  C) Total Fixed Cost divided by the the level of output
  D) Total Fixed Cost plus Marginal Cost
  Show Answer
  The correct answer is C .
• Question 1665:

  

  Commodities I and II are

  Options:
  A) competitive supply
  B) Substitute supply
  C) Joint supply
  D) Derived supply
  Show Answer
  The correct answer is B .
• Question 1666: If the marginal utility of good X exceeds that of good Y, this implies that Options:
  A) a rational consumer will buy less of X
  B) consuming more of X will increase total utility
  C) Y is an inferior good
  D) X will be cheaper than Y
  Show Answer
  The correct answer is B .
• Question 1667: The rate of interest change on loans depends largely on Options:
  A) the prevailing exchange rate
  B) marginal efficiency of capital
  C) the risk associated with the loan
  D) the prevailing tax rate
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  The correct answer is C .
• Question 1668: An increase in the quantity supplied of commodity suggests Options:
  A) a leftward shift of the supply curve
  B) a rightward shift of the supply curve
  C) a movement along the supply curve
  D) an increase in elasticity of supply
  Show Answer
  The correct answer is C .
• Question 1669: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1670:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .