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 11: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .
• Question 12: Which of the following does NOT belong in respect of the quantity of money? Options:
  A) Durability
  B) Division into the smallest units of value
  C) Portable
  D) Identifiable by all
  E) Measure of value
  Show Answer
  The correct answer is E .
• Question 13:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 14: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .
• Question 15:

  $\begin{array}{cc}\text{Unit of output}& \text{Table cost}\\ 1& 20\\ 2& 32\\ 3& 42\\ 4& 48\\ 5& 50\end{array}$

  Inthe above table, the marginal cost of the 3rd unit of output is

  Options:
  A) 12
  B) 6
  C) 10
  D) 2
  E) 9
  Show Answer
  The correct answer is C .
• Question 16:

  In a sole proprietorship, the decisions are made by the ______

  Options:
  A) Government
  B) Management
  C) Owner
  D) Board of Directors
  Show Answer
  The correct answer is C .
• Question 17:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 18: The basic aim of Economic Community of West African States is the Options:
  A) discouragement of trade among member states
  B) encouragement of revolts against former colonial masters
  C) establishment of its headquarters in each members state
  D) liberalization of trade among member states
  Show Answer
  The correct answer is D .
• Question 19: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 20: The effect of the demand for product A caused by a change in the price of a product B is called? Options:
  A) cross-elasticity of demand
  B) elasticity of supply
  C) competitive demand
  D) composite demand
  E) joint demand
  Show Answer
  The correct answer is A .