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 2141:

  In a free market economy, the rationing of scarce goods is done principallyby?

  Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  Show Answer
  The correct answer is C .
• Question 2142: which of these alternative is wrong? central banks are Options:
  A) bankers to the government
  B) bankers to commercial banks
  C) merchant banks
  D) controllers and regulators of money supply
  E) issuers of bank note
  Show Answer
  The correct answer is C .
• Question 2143: A major limiting factor of mass production is Options:
  A) efficient management
  B) adequate labour supply
  C) small size of the market
  D) adequate supply of raw materials
  Show Answer
  The correct answer is C .
• Question 2144: Inflation is likely to benefit? Options:
  A) persons with bank savings
  B) persons employed in financial houses
  C) debtors
  D) persons who lived on fixed pension funds
  E) creditors
  Show Answer
  The correct answer is C .
• Question 2145: A disadvantage of Nigeria's dependence on imported petroleum products is the Options:
  A) instability in the demand for the products
  B) dominance of multinational firms
  C) instability in the supply of the product
  D) poor maintenance of the refineries
  Show Answer
  The correct answer is C .
• Question 2146: The theoretical relationship between money supply and prices is weakened by changes in the Options:
  A) money supply
  B) general price level
  C) velocity of money
  D) interest rate
  Show Answer
  The correct answer is B .
• Question 2147: If the income of a consumer rises and his demand for good X falls, good X can be described as Options:
  A) a normal good
  B) an adnoral good
  C) a good with inelastic demand
  D) a good with unitary elastic demand
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 2148: Consumers allocate their resources based on the ______? Options:
  A) Law of diminishing marginal utility
  B) Value in use and value in exchange principle
  C) Law of returns to scale
  D) Diamond and water paradox
  Show Answer
  The correct answer is B .
• Question 2149: The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in? Options:
  A) backward and forward linkages
  B) horizontal and vertical linkages
  C) vertical linkages
  D) functional linkages
  Show Answer
  The correct answer is A .
• Question 2150:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .