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 2041: Bondholders are treated more favorably than shareholders because Options:
  A) They are not liable for the companies losses
  B) They greater voice in the electing board of the directors
  C) They control the management
  D) They have a prior claim on the companies assets
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 2042: An important determinant of price elasticity of demand is Options:
  A) the state of technology
  B) the prices of other commodities
  C) the ease of substitution
  D) government policy
  Show Answer
  The correct answer is C .
• Question 2043:

  The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

  Options:
  A) Commercial bank
  B) Central bank
  C) Mortgage bank
  D) Merchant bank
  Show Answer
  The correct answer is B .
• Question 2044: Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore? Options:
  A) inconsistent
  B) consistent
  C) transitive
  D) rational
  Show Answer
  The correct answer is A .
• Question 2045: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 2046: When the marginal utility of a commodity is zero the total utility is Options:
  A) at its minimum
  B) upward-sloping
  C) downward-sloping
  D) at its maximum
  Show Answer
  The correct answer is D .
• Question 2047:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 2048: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 2049: Which of the following is a necessary prerequisite for trade by barter? Options:
  A) Needs for double coincidence of wants
  B) Multiple exchange rate
  C) Impossibility of future trade
  D) Impossibility of large scale production
  E) Indivisibility of commodities
  Show Answer
  The correct answer is A .
• Question 2050: The only factor of production that plays an active role in the production process is Options:
  A) land
  B) capital
  C) entrepreneur
  D) labour
  Show Answer
  The correct answer is C .