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 2501: Diminishing marginal utility implies that Options:
  A) total utility decreases as consumption increases
  B) marginal utility increases as consumption increases
  C) marginal utility deceases as consumption increase
  D) marginal utility decreases as consumption decreases
  Show Answer
  The correct answer is C .
• Question 2502: Division of labour requires that, the tasks in a production line be performed Options:
  A) by specialists
  B) in stages
  C) by all workers
  D) by unskilled labourers
  Show Answer
  The correct answer is B .
• Question 2503: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 2504: Which of the following is NOT a function of the wholesaler in the distributive channel? Options:
  A) Bulk breaking
  B) Direct contact with end users
  C) Feedback information to manufacturers
  D) Public relations and advertising of products
  E) Storage facilities for finished products
  Show Answer
  The correct answer is B .
• Question 2505: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 2506:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

  Options:
  A) 65 units
  B) 40 units
  C) 30 units
  D) 20 units
  Show Answer
  The correct answer is C .
• Question 2507:

  

  In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

  Options:
  A) There has been an increase in the consumer’s money income
  B) There has been a reduction in the price of both A and B
  C) There has been no change in the price of A or B
  D) There has been no change in the price of A relative to the price of B
  Show Answer
  The correct answer is B .
• Question 2508: The loading of crude oil at the terminal is an activity in the Options:
  A) downstream sector of the oil industry
  B) upstream and downstream sector of the oil industry
  C) upstream sector of the oil industry
  D) midstream and upstream sectors of the oil industry
  Show Answer
  The correct answer is A .
• Question 2509: Activities in the oil and gas industry are classified into Options:
  A) oil exploration and distribution
  B) refining and marketing of finished products
  C) upstream and downstream
  D) exploration and drilling
  Show Answer
  The correct answer is C .
• Question 2510: The purchasing power of the Naira will fall when Options:
  A) workers are retrenched
  B) the colour of the naira is changed
  C) the government cuts all salaries and wages
  D) there is inflation
  E) the naira is overvalued
  Show Answer
  The correct answer is D .