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 2111: An advantage of electronic banking is that it Options:
  A) Enables many customers to operate joint accounts
  B) Reduces risk of bank fraud
  C) Enables a customer to operate many accounts from different locations
  D) Enables a customer to operate his account from different locations
  Show Answer
  The correct answer is D .
• Question 2112: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .
• Question 2113: Changing the structure of a commodity in order to increase its utility is called? Options:
  A) Time utility
  B) form utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is B .
• Question 2114: For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is Options:
  A) equal to marginal cost
  B) greater than marginal cost
  C) greater than average total cost
  D) equal to marginal revenue
  E) equal to toal revenue
  Show Answer
  The correct answer is B .
• Question 2115:

  The elasticity of demand for a firm's product is 2.

  If the firm reduces its price by 20 percent, its sales revenue will increase by?

  Options:
  A) 10 per cent
  B) 20 per cent
  C) 30 per cent
  D) 40 per cent
  Show Answer
  The correct answer is D .
• Question 2116:

  

  When 20 units of output is produced, TC will be

  Options:
  A) ₦360
  B) ₦300
  C) ₦460
  D) ₦400
  Show Answer
  The correct answer is B .
• Question 2117: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 2118: A budget with a projected revenue in excess of its expenditure is said to be? Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 2119: An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are? Options:
  A) substitute goods
  B) complementary goods
  C) elastic goods
  D) inelastic goods
  E) inferior goods
  Show Answer
  The correct answer is A .
• Question 2120:

  

  The pie chart above represents the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.

  What is the population of the matured students?

  Options:
  A) 600
  B) 800
  C) 1000
  D) 1200
  Show Answer
  The correct answer is C .