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 1931: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 1932: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
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  The correct answer is B .
• Question 1933:

  Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?

  No. of oranges Consumed	Total Utility	Average Utility	Marginal Utility
  1	9	9	-
  2	16	8	x
  3	24	8	6
  4	30	7.5	4
  5	34	6.8	y
  6	36	6	2
  7	36	5.1	0

  Options:
  A) 0.5
  B) 7
  C) 0
  D) 8
  Show Answer
  The correct answer is B .
• Question 1934: The activities in the oil and gas industry are classified into Options:
  A) exploration and transportation
  B) upstream and downstream
  C) discovery and extraction
  D) onshore and offshore
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  The correct answer is B .
• Question 1935:

  Fiscal policy measures imply a change in

  Options:
  A) only taxation to control aggregate demand
  B) bank rate to infulence lending
  C) only government expenditure to regulate an economy
  D) government revenue and expenditure to regulate an economy
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  The correct answer is D .
• Question 1936:

  A method of analysis that draws conclusions from data rather than general Principles already known is________

  Options:
  A) Deductive reasoning
  B) Inductive reasoning
  C) Normative reasoning
  D) Positive reasoning
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  The correct answer is B .
• Question 1937: If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to? Options:
  A) 1.25
  B) 0.80
  C) 0.50
  D) 0.40
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  The correct answer is A .
• Question 1938: A major feature of an underdeveloped economy is Options:
  A) excess capacity utilization
  B) low rate of population growth
  C) low level of standard of living
  D) low level of unemployment
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  The correct answer is C .
• Question 1939: The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to? Options:
  A) raise the price of the commodity and affect the quantity in an indeterminate way
  B) decrease the equilibrium quantity and affect the price in an intermediate way
  C) raise its price as well as the equilibrium quantity
  D) lower it price while affecting the equilibrium quantity in an interminate way
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  The correct answer is C .
• Question 1940:

  If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

  Options:
  A) buyer
  B) seller
  C) government
  D) local authority
  Show Answer
  The correct answer is B .