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 2811:

  

  In the diagram above, the total revenue of the monopolist is given by the area

  Options:
  A) OQ₁MP₂
  B) P₄MTP₁
  C) OQ₁ TP₁
  D) OQ₂SP₂
  Show Answer
  The correct answer is C .
• Question 2812:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2813:

  The price mechanism

  Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 2814: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .
• Question 2815: The most generally accepted definition of economics is Options:
  A) an inquiry into the nature and causes of the wealth of nations
  B) the science of material welfare
  C) the science which studies human behavior as a relationship between ends and scarce means which have alternative use
  D) the science that treats phenomena from the stand point of price
  E) the practical science of production and distribution of wealth
  Show Answer
  The correct answer is C .
• Question 2816: The best way of presenting data in tabular form is in Options:
  A) bars and columns
  B) charts and lines
  C) maps and rows
  D) pictographs and histogram
  E) rows and columns
  Show Answer
  The correct answer is C .
• Question 2817: 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 2818: A rightward shift of the budget line is caused by a Options:
  A) fall in consumer income
  B) change in consumer taste
  C) fall in the commodity relative price
  D) rise in the commodity relative price
  Show Answer
  The correct answer is D .
• Question 2819:

  The release of a liquid petroleum hydrocarbon into the environment is_______

  Options:
  A) Oil glut
  B) Oil spill
  C) Oil shock
  D) Oil wastage
  Show Answer
  The correct answer is B .
• Question 2820: Which of these would NOT increase population of a country Options:
  A) Increase in death rate
  B) Decrease in birth rate
  C) Emigration
  D) Migration
  E) Better medical facilities
  Show Answer
  The correct answer is A .