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 2821:

  A major factor affecting the value of money is the?

  Options:
  A) price level
  B) banking habits
  C) transaction motive
  D) divisible nature of money
  Show Answer
  The correct answer is A .
• Question 2822: The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as Options:
  A) average utility
  B) marginal cost
  C) marginal product
  D) marginal utility
  E) total utility
  Show Answer
  The correct answer is D .
• Question 2823:

  Market Schedules for Milk:

  Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
  8k	25,000	7,500
  10k	23,000	9,000
  13k	20,000	11,500
  15k	18,000	13,000
  18k	15,000	15,000
  20k	13,000	17,500
  23k	10,000	21,000
  25k	8,000	24,000

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  Options:
  A) 15k, 13,000
  B) 20k, 17,500
  C) 13k, 20,000
  D) 18k, 18,000
  E) 18k, 15,000
  Show Answer
  The correct answer is E .
• Question 2824: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
  Show Answer
  The correct answer is D .
• Question 2825:

  The second equation of exchange is__________

  Options:
  A) MV = PT
  B) P = $\frac{M}{KR}$
  C) P = $\frac{MV}{T}$
  D) P=MV
  Show Answer
  The correct answer is B .
• Question 2826:

  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. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .
• Question 2827:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2828: A policy aimed at enhancing globalization of the Nigerian economy is Options:
  A) indigenization
  B) dereglation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 2829:

  Air is essential to life but commands no price!

  Diamond is not essential to life but commands a high?

  Options:
  A) thrift
  B) value
  C) abundance
  D) scarcity
  Show Answer
  The correct answer is B .
• Question 2830: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .