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 1731: The additional satisfaction derived from the consumption of one or more unit of a good is called Options:
  A) marginal products
  B) marginal utility
  C) marginal revenue
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1732: The main objectives of public expenditure does NOT include? Options:
  A) stabilization of national economy
  B) achievement of a more equitable income distribution
  C) meeting the social needs of the people
  D) revenue sharing and profit maximizationn
  Show Answer
  The correct answer is D .
• Question 1733:

  

  The curve labelled x is the

  Options:
  A) total revenue curve
  B) total product curve
  C) marginal product curve
  D) marginal revenue curve
  Show Answer
  The correct answer is B .
• Question 1734: Opportunity cost is a term which describe Options:
  A) The initial cost of setting up a business venture
  B) Cost of one product in terms of foregone production of others
  C) The monetary equivalent of the utility of commodity
  D) Cost related to an optimum level of production
  E) Implicit cost
  Show Answer
  The correct answer is B .
• Question 1735: Economic freedom is a basic feature of economy Options:
  A) an industrialized economy
  B) a planned economy
  C) a developed economy
  D) a market economy
  Show Answer
  The correct answer is D .
• Question 1736: The age distribution of a country's population determines the? Options:
  A) ratio of the dependent to the working group
  B) total age of all working class adults
  C) male-female ratio
  D) percentage of married women
  Show Answer
  The correct answer is A .
• Question 1737: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 1738: 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 1739:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 1740:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .