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: The concept of marginal utility indicates the relationship between utility and _________? Options:
  A) Price
  B) Satisfaction
  C) Cost
  D) Revenue
  Show Answer
  The correct answer is B .
• Question 192: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 193: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 194:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .
• Question 195: A country embarks on deficit financing in order to Options:
  A) increase revenue
  B) reduce aggregate demand
  C) curb inflation
  D) stimulate investment
  Show Answer
  The correct answer is C .
• Question 196: Which of the following type of capital is not rewarded by means of dividends? Options:
  A) Ordinary shares
  B) Preference shares
  C) cummulative shares
  D) participating preference shares
  E) depentures
  Show Answer
  The correct answer is E .
• Question 197: The shape of the long-run average cost curve is best explained by the Options:
  A) law of diminishing returns
  B) law of returns to scale
  C) cost of fixed inputs
  D) cost of variable inputs
  Show Answer
  The correct answer is B .
• Question 198: A manufacturer who wants to build a new plant will source funds from the Options:
  A) commercial banks
  B) money market
  C) capital market
  D) government
  Show Answer
  The correct answer is C .
• Question 199: An increase in the supply of labour in a factory while other things remain equal will lead to? Options:
  A) an increase in the wage rate and an increase in the number of people employed
  B) a decreased in the wage rate and a decrease in employment
  C) an increase in the wage rate and an decrease in the employment
  D) a decrease in the wage rate and an increase in employment
  Show Answer
  The correct answer is D .
• Question 200: In a free market economy, available resources are more efficiently allocated by complete reliance on? Options:
  A) development planning
  B) strategic planning
  C) capital budgeting
  D) price system
  Show Answer
  The correct answer is D .