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 2331: If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to? Options:
  A) the size of population
  B) technical progress
  C) the environment
  D) the amount of natural resources
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  The correct answer is B .
• Question 2332:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
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  The correct answer is B .
• Question 2333:

  

  Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

  Options:
  A) D_o and S_o; D_o and S₂
  B) D₁ and S₂; D₂ and S_o
  C) D₂ and S₁; D₂ and S₂
  D) D₂ and S_o; D_o and S₂
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  The correct answer is C .
• Question 2334:

  If the marginal utility of commodity is equal to its price, then

  Options:
  A) the consumer is in equilibrium
  B) more of the commodity can be consumed
  C) total utility is also equal to its price
  D) the market is not in equilibrium
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  The correct answer is A .
• Question 2335: If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as Options:
  A) normal
  B) abnormal
  C) inferior
  D) superior
  E) scarce
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  The correct answer is C .
• Question 2336: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
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  The correct answer is D .
• Question 2337: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
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  The correct answer is B .
• Question 2338: If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing Options:
  A) Increasing Marginal utility
  B) Diseconomies of scale
  C) Increasing costs
  D) Constant returns to scale
  E) Increasing returns to scale
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  The correct answer is E .
• Question 2339: Rent and administrative expenses are examples of Options:
  A) average fixed costs
  B) average variable costs
  C) fixed costs
  D) variable costs
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  The correct answer is C .
• Question 2340: An increase in the supply of labour in a factory while other things remain equal will lead to? Options:
  A) an increase in the wage rate and an increase in the number of people employed
  B) a decreased in the wage rate and a decrease in employment
  C) an increase in the wage rate and an decrease in the employment
  D) a decrease in the wage rate and an increase in employment
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  The correct answer is D .