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 1791:

  

  From this diagram, the minimum wage OW will lead to

  Options:
  A) full employment of resources
  B) unemployment
  C) inflation
  D) full employment of factors of production
  Show Answer
  The correct answer is D .
• Question 1792: At every point on a indifference curve, the Options:
  A) total utility is decreasing
  B) prices of all goods are constant
  C) consumer is satiated
  D) level of utility is constant
  E) level of utility is increasing
  Show Answer
  The correct answer is D .
• Question 1793:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .
• Question 1794:

  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 1795: During a conflict between management and workers, the union's bargaing power is based on Options:
  A) work-to-rule
  B) negotiation
  C) picketing
  D) management decision
  Show Answer
  The correct answer is B .
• Question 1796: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 1797: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .
• Question 1798: Ranking is the method use in measuring Options:
  A) marginal utility
  B) ordinal utility
  C) cardinal utility
  D) total utility
  Show Answer
  The correct answer is B .
• Question 1799: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as? Options:
  A) industrialization
  B) export-promotion
  C) import-substitution
  D) export--substitution
  E) import-expansion
  Show Answer
  The correct answer is C .
• Question 1800: The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal? Options:
  A) utility
  B) productivity
  C) rate of substitution
  D) revenue
  Show Answer
  The correct answer is B .