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 1941: A possible factor which limits the extent of growth of a firm is the? Options:
  A) existence of a monoploy
  B) bureaucratic delays in decision-making
  C) use of by-products
  D) unwillingness to share ownership and control
  Show Answer
  The correct answer is D .
• Question 1942: The age distribution of a country's population is of economic importance because it affects the? Options:
  A) pattern of expenditure
  B) size of the army
  C) optimum size of firms
  D) location of industries
  Show Answer
  The correct answer is A .
• Question 1943:

  $\begin{array}{ccc}\text{Units of Quantity consumed}& \text{Total utility}& \text{Marginal utility}\\ 0& ---& ---\\ 1& 10& 10\\ 2& 15& 5\\ 3& 17& 2\\ 4& 18& 1\\ 5& 18& 0\end{array}$

  The table above illustrates the law of

  Options:
  A) diminishing marginal utility
  B) diminishing marginal productivity
  C) diminishing returns
  D) increasing returns
  E) increasing total utility
  Show Answer
  The correct answer is A .
• Question 1944: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 1945: If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to? Options:
  A) land and related factors
  B) abundance of natural resources
  C) level of human capital
  D) technical progress or other factors
  E) the discipline of political leadership
  Show Answer
  The correct answer is A .
• Question 1946: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 1947: The following are problems of development planning in Nigeria EXCEPT Options:
  A) death of skilled manpower
  B) inadequate capital
  C) inadequate statistical data
  D) poor implementation of economic planning
  E) under-population
  Show Answer
  The correct answer is E .
• Question 1948: The Malthusian theory of population has been rendered ineffective by Options:
  A) government policies
  B) natural disasters
  C) birth contorl measures
  D) technical progress
  Show Answer
  The correct answer is D .
• Question 1949: Price can be defined as? Options:
  A) a rate of exchange
  B) a mediumof exchange
  C) the cost of product
  D) the standard of accounting
  Show Answer
  The correct answer is A .
• Question 1950:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .