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 2301: One`of the limitations PPC assumption is that there is Options:
  A) no indication of technological development
  B) no recognition of preferred goods for countries
  C) technical inefficiency
  D) abundant resources
  Show Answer
  The correct answer is B .
• Question 2302: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 2303: If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when Options:
  A) the price-quantity ratios are equal
  B) equal amounts of X and Y are consumed
  C) less of Y and more of X are consumed
  D) less of X and more of Y are consumed
  Show Answer
  The correct answer is A .
• Question 2304:

  

  From the above, calculate the price elasticity of demand

  Options:
  A) 5.0
  B) 2.0
  C) 1.0
  D) 0.5
  Show Answer
  The correct answer is D .
• Question 2305:

  Demand-pull inflation is likely to be caused by

  Options:
  A) an increase in the cost of factor inputs
  B) increase in the income tax rate
  C) increase in bank lending rate
  D) increasingly large budget deficit
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  The correct answer is D .
• Question 2306:

  In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

  Options:
  A) Marginal utility
  B) Form utility
  C) Place utility
  D) Total utility
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  The correct answer is C .
• Question 2307: Which of the following is NOT an instrument in the money market? Options:
  A) Treasury bill
  B) Bill of exchange
  C) Stocks and shares
  D) Call money fund
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  The correct answer is C .
• Question 2308: The labour force of a country best describes Options:
  A) the number of people in paid employment
  B) the number of people receiving pension
  C) people within the retirement age
  D) people within the working age
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  The correct answer is D .
• Question 2309: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
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  The correct answer is A .
• Question 2310: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as? Options:
  A) budget deficit
  B) balance budget
  C) budget surplus ‘
  D) budget statement
  E) unfavourable budget.
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  The correct answer is A .