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 2241: Using Expenditure Approach to estimate National Income, Y is equal to Options:
  A) C + l + G + X – M + P - V
  B) C + l + G + X – M + P
  C) C + l + G – X + P
  D) C – 1 + G + X – M + P
  E) C + l – G + X – M – P
  Show Answer
  The correct answer is D .
• Question 2242: The effect of an increase in the personal income tax is to Options:
  A) reduce unemployment
  B) raise the absolute price level
  C) reduce the disposable income
  D) distort the economy
  Show Answer
  The correct answer is C .
• Question 2243: Ranking is the method use in measuring Options:
  A) marginal utility
  B) ordinal utility
  C) cardinal utility
  D) total utility
  Show Answer
  The correct answer is B .
• Question 2244: In a given set of data, if the variance is 25, what is the standard deviation? Options:
  A) 45
  B) 5
  C) 55
  D) 10
  E) 12
  Show Answer
  The correct answer is B .
• Question 2245: The middlemen in the chain of distribution are? Options:
  A) manufacturers and consumers
  B) wholesalers and retailers
  C) consumers and wholesalers
  D) retailers and consumers
  Show Answer
  The correct answer is B .
• Question 2246:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2247: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
  Show Answer
  The correct answer is E .
• Question 2248:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 2249: 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 2250: The additional satisfaction derived from the consumption of one or more unit of a good is called Options:
  A) marginal products
  B) marginal utility
  C) marginal revenue
  D) marginal cost
  Show Answer
  The correct answer is B .