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 171:

  A minimum price legislation is also called

  Options:
  A) price ceiling
  B) price floor
  C) price control
  D) price mechanism
  Show Answer
  The correct answer is B .
• Question 172: A consumer surplus measures the Options:
  A) benefits derived from consuming a cheap commodity
  B) excess of total expenditure over total uility
  C) difference between marginal utility and marginal cost
  D) excess of marginal utility over price
  Show Answer
  The correct answer is D .
• Question 173: The foreign exchange rate of a country is Options:
  A) the interest rate fixed by the central bank
  B) the price of one national currency in terms of another
  C) the rate at which the central bank issues money
  D) the rate of interest on government bonds
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 174: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 175: If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is? Options:
  A) W -P - R - Z
  B) W + P + Z - R
  C) P - R - Z + W
  D) W + P + R + Z
  Show Answer
  The correct answer is D .
• Question 176: Which of the following situations can give rise to economic problems? Options:
  A) Unlimited human wants
  B) Wants of varying important
  C) Limited means available for satisfying wants
  D) Means used in different ways
  Show Answer
  The correct answer is A .
• Question 177: Consumer surplus tends to be higher when demand is Options:
  A) inelastic
  B) perfectly elastic
  C) elastic
  D) unitarily elastic
  Show Answer
  The correct answer is C .
• Question 178: If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is? Options:
  A) 0.33
  B) 0.0001
  C) 1
  D) 10,000
  Show Answer
  The correct answer is C .
• Question 179: The function of moneyas a standard of deferred payments Options:
  A) Make possible for an individual to build up store of many things for future use
  B) Makes it possible for payment to be postponed from the present to a future date
  C) Facilitate the exchange of goods
  D) Makes easy calculations possible
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 180: Opportunity cost is best defined as? Options:
  A) the penalty for not seizing golden opportunities
  B) sacrificed alternative (output, income etc.)
  C) the cost of creating job opportunities
  D) payment made to an industrial worker
  E) the difference between fixed and variable costs
  Show Answer
  The correct answer is B .