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 2641: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .
• Question 2642:

  A country with over-valued currency will

  Options:
  A) expect balance of payments surplus
  B) have increased demand for the exports
  C) increase her foreign reserve
  D) decrease her foreign reserve
  Show Answer
  The correct answer is D .
• Question 2643: The deregulation of the petroleum sector in Nigeria will bring about Options:
  A) efficiency in pricing and distribution of the products
  B) an end to the importation of fuel
  C) an end to foreign firms' dominance
  D) fixing appropriate production quotas
  Show Answer
  The correct answer is A .
• Question 2644: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 2645: As consumption of beer increases, its marginal utility to a drinker will Options:
  A) Increase
  B) Remain constant
  C) Fluctuate
  D) Decrease
  E) Change proportionally
  Show Answer
  The correct answer is D .
• Question 2646:
  

  The diagram above represent

  Options:
  A) structural unemployment
  B) cyclical unemployment
  C) volunatary unempployment
  D) frictional unemployment
  Show Answer
  The correct answer is B .
• Question 2647:

  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 2648:

  

  From the table above, the average product of the 3rd unit of labour is

  Options:
  A) 50
  B) 70
  C) 350
  D) 150
  Show Answer
  The correct answer is A .
• Question 2649:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

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

  From the table, it can be deduced that?

  Options:
  A) Nigeria should produce cocoa and lace
  B) Austria should produce cocoa and lace
  C) Nigeria can benefit from producing lace only
  D) Nigeria should not produce any of the products because of her relative disadvantages
  E) Austria should produce lace and Nigeria should produce cocoa
  Show Answer
  The correct answer is E .
• Question 2650: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .