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 2611: When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be Options:
  A) abnormal
  B) competitive
  C) composite
  D) derived
  E) joint
  Show Answer
  The correct answer is E .
• Question 2612: National debts is an expected outcome of? Options:
  A) deficit budget
  B) consolidation budget
  C) balanced budget
  D) surplus budget
  Show Answer
  The correct answer is A .
• Question 2613: Development outside a given firm which reduce the firm costs are called? Options:
  A) internal economies
  B) external economies
  C) external diseconomies
  D) optimum effects
  Show Answer
  The correct answer is B .
• Question 2614: Which of the following activities of government precludes the existence of a market economy? Options:
  A) The imposition of taxes
  B) The control of the location of industry
  C) The central planning of production
  D) The fixing of maximum price for all necessities
  E) The establishment of law requiring the registration of business firms
  Show Answer
  The correct answer is C .
• Question 2615:

  

  In the diagram above W₁, W₂, W₃ and W₄ are different wage rates. The minimum wage rate is

  Options:
  A) W₁
  B) W₂
  C) W₃
  D) W₄
  Show Answer
  The correct answer is B .
• Question 2616: Plywood industries are often located near the source of? Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 2617:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 2618: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 2619: Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population? (ii) A large proportion of the population is engaged in agriculture.(iii) Agriculture products are used as raw materials by the local industries. (iv) It serves as sources of heavy equipment to local industries. Options:
  A) i and ii only
  B) i,ii and iii only
  C) i, ii and iv only
  D) ii and iii only
  Show Answer
  The correct answer is B .
• Question 2620: A major assumption in cardinal utility theory is that Options:
  A) utility is measureable
  B) utility is not measurable
  C) total utility equals marginal utility
  D) total utility is constant
  Show Answer
  The correct answer is A .