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 2541: The most generally accepted definition of Economics was given by Options:
  A) Adam Smith
  B) David Ricardo
  C) Lord Robinson
  D) Thomas Mathus
  E) Sam Aluko
  Show Answer
  The correct answer is C .
• Question 2542: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
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  The correct answer is A .
• Question 2543: 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 2544: Which of the following is mostly used to determine the cost of living? Options:
  A) Marginal changes in prices
  B) Consumer price index
  C) Prices of imported and exported commodities
  D) producer price index
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  The correct answer is B .
• Question 2545: Which of the following is NOT a feature of economic underdevelopment of a country? Options:
  A) A large number of High income earners relative to the population
  B) High annual income for the few
  C) High incidence of poverty
  D) Low daily calorie intake per person
  E) High infant mortality rate
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  The correct answer is A .
• Question 2546: The basic principle of cooperative societies is to ________ Options:
  A) maintain the integrity of their members
  B) protect the interest and pursue the welfare of members
  C) ensure better working conditions for members
  D) provide voluntary services to the members
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  The correct answer is B .
• Question 2547: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
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  The correct answer is C .
• Question 2548:

  

  PN equals average revenue or marginal revenue cure of

  Options:
  A) An imperfect competitive firm
  B) a monopoly
  C) a perfectly competitive firm
  D) a monopolistic competitive firm
  Show Answer
  The correct answer is C .
• Question 2549: When public enterprises become commercialized, it means that? Options:
  A) the product of the enterprises are further subsidized
  B) they are expected to operate with the primary aim of making profits
  C) the government has decided to divest itself of such enterprises
  D) the staff of the enterprises will be laid off
  Show Answer
  The correct answer is B .
• Question 2550: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
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  The correct answer is D .