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 2581: At every point on a indifference curve, the Options:
  A) total utility is decreasing
  B) prices of all goods are constant
  C) consumer is satiated
  D) level of utility is constant
  E) level of utility is increasing
  Show Answer
  The correct answer is D .
• Question 2582:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 2583: The formular used by the Expenditure approach to calculate National income is Options:
  A) Y=C + I + X - M –G
  B) Y= C + X – M – I + G
  C) Y = C + I + G + X – M
  D) Y = C – I + X – M + G
  E) Y = C + G – X + M – I
  Show Answer
  The correct answer is C .
• Question 2584: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 2585: The disposable income of Uche increases by N10 million and her marginal propensity to consume also goes up to 0.6 how much of the additional income will she save? Options:
  A) N40,000
  B) N400,000
  C) N600,000
  D) N4,000,000
  E) N6,000,000
  Show Answer
  The correct answer is D .
• Question 2586:

  The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .
• Question 2587:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2588: The most important limitation on the partner as a form of business enterprise is the? Options:
  A) implication for partners'liability
  B) legal limitation placed on the number of partners
  C) difficulties arising from having two co-ordinate heads of a firm
  D) fact that each partner regardless of the capital he contributes, must have the same voting rights
  Show Answer
  The correct answer is B .
• Question 2589: What fundamentally determines how much a consumer spends in a producer's shop? Options:
  A) Individual's propensity to consume
  B) level of his taxation
  C) level of his income
  D) Individual's taste or fashion
  Show Answer
  The correct answer is C .
• Question 2590:

  

  The shaded triangle in the diagram above is known as

  Options:
  A) excess supply
  B) consumer surplus
  C) excess consumption
  D) producer surplus
  Show Answer
  The correct answer is B .