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 2281: Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will? Options:
  A) induce greater demand for beef
  B) induce greater demand for fish
  C) induce lower demand for fish
  D) equate demands for beef and fish
  Show Answer
  The correct answer is B .
• Question 2282: Which of the following is NOT a source of government revenue? Options:
  A) Grants, aids and borrowing
  B) Taxes, fees, licenses and fines
  C) Interest, dividends, profits and earnings
  D) personal income, disposable income and transfer earnings
  Show Answer
  The correct answer is D .
• Question 2283: Gresham's law in economics shows that Options:
  A) bad money drives good money out of circulation
  B) good money drives bad money out of circulation
  C) gold must be available to maintain the value of paper money
  D) the price level varies directly with the quality of money
  Show Answer
  The correct answer is A .
• Question 2284:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 2285: Economic problem arises as a result of Options:
  A) choice
  B) money cost
  C) opportunity cost
  D) scarcity
  E) scale of preference
  Show Answer
  The correct answer is D .
• Question 2286: If an increase in income induces a reduction in the demand for beans, beans can be referred to as? Options:
  A) a normal good
  B) an inferior good
  C) a substitute good
  D) a giffen good
  Show Answer
  The correct answer is B .
• Question 2287: The best channel of distribution of baked bread is through? Options:
  A) wholesalers to retailers then to consumers
  B) direct sales to consumers
  C) wholesalers to consumers
  D) retailers to consumers
  Show Answer
  The correct answer is B .
• Question 2288:

  When a variable is associated with time period, it is_____________

  Options:
  A) circular
  B) a flow
  C) static
  D) a stock
  Show Answer
  The correct answer is A .
• Question 2289: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 2290: The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as Options:
  A) average utility
  B) marginal cost
  C) marginal product
  D) marginal utility
  E) total utility
  Show Answer
  The correct answer is D .