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 2351:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .
• Question 2352: which of the financial institutions cannot direct tax loans to individuals? Options:
  A) The agricultural bank
  B) The Industrial bank
  C) The central bank
  D) The Co-operative bank
  E) The Standard bank
  Show Answer
  The correct answer is C .
• Question 2353: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 2354: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 2355: A profit maximizing monopolist should produce within the range where his demand is Options:
  A) Inelastic
  B) Elastic
  C) Infinitely elastic
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 2356:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 2357: Given that Qd = 40 + 2P and Qs = 6P - 24. Calculate the equilibrium price. Options:
  A) 34
  B) 32
  C) 36
  D) 16
  Show Answer
  The correct answer is D .
• Question 2358: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 2359:

  Consider the diagram below which shows a demand curve (d).

  Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

  Options:
  A) The area VWX
  B) The area XTUV
  C) $\frac{XW}{XT}$
  D) $\frac{TU}{UV}$
  Show Answer
  The correct answer is A .
• Question 2360:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .