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 2651:
  

  A movement from K to M will

  Options:
  A) decrease the consumer's utility
  B) increase the price of the commodity
  C) increase the consumer's utility
  D) leave consumer's utility unchanged
  Show Answer
  The correct answer is D .
• Question 2652:

  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 2653: A major shortcoming of the sole proprietorship form of business is lack of? Options:
  A) working capital
  B) patronage
  C) continuity
  D) market
  Show Answer
  The correct answer is C .
• Question 2654:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2655: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 2656: In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ? Options:
  A) quantity discounts allowed final consumer
  B) reward for business enterpreneurship
  C) effectiveness of government control over the economy's marketing channels
  D) extent of exploitation of the final consumer
  Show Answer
  The correct answer is B .
• Question 2657: The income elasticity of demand of normal goods is Options:
  A) negative
  B) positive
  C) zero
  D) fixed
  Show Answer
  The correct answer is B .
• Question 2658:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  Options:
  A) 1.5:2
  B) 2:2
  C) 2:1.5
  D) 0.5:1.5
  Show Answer
  The correct answer is A .
• Question 2659:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2660: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
  Show Answer
  The correct answer is B .