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 211:

  

  In the table above, the price of commodity y is ₦2 and that of x is ₦1 while the individual has an income of ₦12. Determine the combination of the two commodities the individual should consume to maximize his utility

  Options:
  A) 3y and 3x
  B) 6y and 4x
  C) 3y and 6x
  D) 5y and 5x
  Show Answer
  The correct answer is C .
• Question 212:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 213:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .
• Question 214:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 215:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .
• Question 216:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 217:

  Item	Amount (Million Naira)
  Visible exports	55.54
  Visible imports	53.32
  Invisible exports	30.56
  Invisible imports	28.70
  Balance	4.08

  The amount, ₦4.08 million, shown as balance in the table represents

  Options:
  A) terms of payments
  B) balance on current accounts
  C) balance of trade
  D) terms of trade
  Show Answer
  The correct answer is B .
• Question 218:

  

  From this diagram, the minimum wage OW will lead to

  Options:
  A) full employment of resources
  B) unemployment
  C) inflation
  D) full employment of factors of production
  Show Answer
  The correct answer is D .
• Question 219: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 220: If total Income is N15m and total consumption Is N3m. then the average propensity to consume is Options:
  A) 0.2
  B) 0.6
  C) 0.7
  D) 5
  E) 10
  Show Answer
  The correct answer is A .