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 2161: One of the functions of the price system is that it Options:
  A) encourages high volume of production
  B) dictates what the citizens will consume
  C) discourages the consumption of harmful goods
  D) regulates production and consumption
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  The correct answer is D .
• Question 2162: What is the growth rate of employment? Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 5.7%
  E) 4.1%
  Show Answer
  The correct answer is A .
• Question 2163: 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
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  The correct answer is E .
• Question 2164: In the short-run a firm marginal cost curve above the point of shut-down is its? Options:
  A) demand curve
  B) supply curve
  C) cost curve
  D) supply curve
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  The correct answer is B .
• Question 2165: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
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  The correct answer is D .
• Question 2166: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
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  The correct answer is D .
• Question 2167: The relationship between the value of money and the price level is? Options:
  A) direct
  B) unpredictable
  C) diverse
  D) inverse
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  The correct answer is D .
• Question 2168:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
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  The correct answer is A .
• Question 2169:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
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  The correct answer is D .
• Question 2170:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
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  The correct answer is D .