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 2471: A possible factor which limits the extent of growth of a firm is the? Options:
  A) existence of a monoploy
  B) bureaucratic delays in decision-making
  C) use of by-products
  D) unwillingness to share ownership and control
  Show Answer
  The correct answer is D .
• Question 2472: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 2473: 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 2474:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 2475: The difference between gross national product and net national product is equal to? Options:
  A) gross investment
  B) net investment
  C) net foreign income
  D) capital depreciation
  Show Answer
  The correct answer is D .
• Question 2476:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 2477: Merchants banks perform all the following functions EXCEPT? Options:
  A) raising of capital for industry
  B) provision of current account facilities
  C) management of investment portfolios
  D) provision of credit for overseas trade
  Show Answer
  The correct answer is B .
• Question 2478:

  

  The curve labelled x is the

  Options:
  A) total revenue curve
  B) total product curve
  C) marginal product curve
  D) marginal revenue curve
  Show Answer
  The correct answer is B .
• Question 2479: Price elasticity of supply is a ratio of the change in Options:
  A) original quantity to a change in new quantity
  B) quantity supplied to the change in price
  C) price to the change in quantity supplied
  D) quantity supplied to the change in demand
  Show Answer
  The correct answer is B .
• Question 2480:

  

  If the GDP is ₦60 billion, what is the difference between the contributions of oil and manufacturing sectors?

  Options:
  A) ₦11.7 billion
  B) ₦13.3 billion
  C) ₦21.7 billion
  D) ₦26.6 billion
  Show Answer
  The correct answer is C .