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 191: NEPA as a public corporation is? Options:
  A) a power generating industry in Nigeria
  B) organized in a perfect competitive market
  C) a duopoly
  D) a monopolistically competitive industry
  E) a monopoly
  Show Answer
  The correct answer is E .
• Question 192: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 193: In a given set of data, if the variance is 25, what is the standard deviation? Options:
  A) 45
  B) 5
  C) 55
  D) 10
  E) 12
  Show Answer
  The correct answer is B .
• Question 194: Money becomes a very poor store of value in a period of Options:
  A) Deflation
  B) Stable prices
  C) Recession
  D) Inflation
  E) Harvest
  Show Answer
  The correct answer is D .
• Question 195:

  

  In the diagram above, what is the excess demand at the price of ₦60

  Options:
  A) 200
  B) 300
  C) 600
  D) 100
  Show Answer
  The correct answer is B .
• Question 196:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 197:

  Wholesalers play an important in the distribution of goods and services because they

  Options:
  A) are located very close to consumers
  B) finance both producers and retailers
  C) pass information on from retailers to consumers
  D) sell in small units to consumers
  Show Answer
  The correct answer is B .
• Question 198:

  The reward for capital is___________

  Options:
  A) Interest
  B) Rent
  C) Risk
  D) Premium
  Show Answer
  The correct answer is A .
• Question 199:

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

  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 200: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .