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: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .
• Question 2042: The purchasing power of the naira will fall when? Options:
  A) the naira is devalued
  B) government cuts all salaries and wages
  C) there is inflation
  D) the colour of the naira is changed
  E) workers are retrenched
  Show Answer
  The correct answer is C .
• Question 2043: These are the objectives of industrial strategies in Nigeria EXCEPT Options:
  A) industrial financing
  B) maximization of local value added
  C) promotion of export oriented industries
  D) promotion of import oriented industries
  E) provision of economic and social infrastructures
  Show Answer
  The correct answer is B .
• Question 2044: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
  Show Answer
  The correct answer is B .
• Question 2045:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 2046: Which of the following is likely to hinder labour mobility in Nigeria? Options:
  A) Higher wages elsewhere
  B) Cultural similarities
  C) Good accommodation elsewhere
  D) Ignorance of job opportunities elsewhere
  Show Answer
  The correct answer is B .
• Question 2047: In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when Options:
  A) MUX = MUA
  B) MUX = PX
  C) PX = X
  D) PX = PY
  Show Answer
  The correct answer is B .
• Question 2048: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
  Show Answer
  The correct answer is C .
• Question 2049: Which of the following is a characteristic of private enterprises? Options:
  A) business risks are borne by the buyers
  B) capital is provided by the public
  C) control and management of the business is in the hands of customer
  D) the business is owned and run by government
  E) The main aim of setting up the business is to maximize profit
  Show Answer
  The correct answer is E .
• Question 2050: The equilibrium market price is determined at a point where? Options:
  A) consumers can buy all they desire
  B) sellers can dispose of all their wares
  C) the price is moderate
  D) quantity consumers desires equal quantity sellers offer
  E) sellers and buyers are not quarrelling
  Show Answer
  The correct answer is D .