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 2171: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 2172: The range of the data 14,13,15,18,20,35 and 13 is Options:
  A) 20
  B) 22
  C) 13
  D) 18
  Show Answer
  The correct answer is B .
• Question 2173: Prohibiting the sale of lace materials in Nigeria would probably lead to? Options:
  A) Increase supply of lace material in Nigeria
  B) Production of better quality lace abroad
  C) Lower price of lace material in Nigeria
  D) Higher price of lace material in Nigeria
  E) Increase income to all dealers of lace materials in Nigeria
  Show Answer
  The correct answer is D .
• Question 2174:

  In a free market economy. the rationing of scarce goods is done principally by_______

  Options:
  A) Consumers
  B) The government
  C) The price mechanism
  D) All of the above
  Show Answer
  The correct answer is A .
• Question 2175:

  

  The curve labelled x is the

  Options:
  A) total revenue curve
  B) total product curve
  C) marginal product curve
  D) marginal revenue curve
  Show Answer
  The correct answer is B .
• Question 2176: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C .
• Question 2177: As consumption of beer increases, its marginal utility to a drinker will Options:
  A) Increase
  B) Remain constant
  C) Fluctuate
  D) Decrease
  E) Change proportionally
  Show Answer
  The correct answer is D .
• Question 2178: A change in demand for a normal good means Options:
  A) a shift in the demand curve
  B) a change in the price changes
  C) a movement along a given demand curve
  D) a change in the price elasticity
  Show Answer
  The correct answer is A .
• Question 2179:

  The value of money depends primarily on _________

  Options:
  A) The gold backing of the currency
  B) The general price level
  C) Government decree that it is legal tender
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 2180:

  Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

  Options:
  A) Partnership
  B) Sole proprietorship
  C) Public limited liability company
  D) Private limited liability company
  Show Answer
  The correct answer is C .