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 2051: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 2052: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .
• Question 2053: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 2054: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 2055: 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 2056: The 2nd National Development plan in Nigeria was between Options:
  A) 1962 — 1968
  B) 1970 — 1974
  C) 1975 — 1980
  D) 1980 — 1985
  E) 1985 — 1990
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  The correct answer is B .
• Question 2057: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
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  The correct answer is A .
• Question 2058: The amount of satisfaction per unit of the commodity consumed is called Options:
  A) average cost
  B) average utility
  C) marginal cost
  D) marginal utility
  E) total utility
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  The correct answer is B .
• Question 2059:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 2060: If the price elasticity of demand for a certain commodity is less than unity, then? Options:
  A) an increase in the price of the commodity will raise the total revenue of the producer
  B) an increase in price leaves the total revenue unchanged
  C) a decrease in price raises the total revenue of the supplier
  D) a decrease in price leaves the total revenue constant
  Show Answer
  The correct answer is A .