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 21: 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
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  The correct answer is A .
• Question 22: Branding and packaging of goods Is the function of Options:
  A) brokers
  B) consumers
  C) manufactures
  D) retailers
  E) wholesalers
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  The correct answer is C .
• Question 23:

  

  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 24: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
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  The correct answer is A .
• Question 25: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
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  The correct answer is B .
• Question 26: The liability of the sole trader is? Options:
  A) indeterminable
  B) unlimited
  C) transferable
  D) limited
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  The correct answer is B .
• Question 27: When the demand for a good increases owing to an increase in income, it means that Options:
  A) there is an increase in quantity demanded
  B) inflation has taken place
  C) demand has exceeded supply
  D) there is an increase in demand
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  The correct answer is D .
• Question 28: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
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  The correct answer is D .
• Question 29: If all factors are variable in the long run,firms will experience Options:
  A) decreasing returns to scale
  B) increasing returns to scale
  C) diminishing returns
  D) economies of scale
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  The correct answer is B .
• Question 30: A major function of middlemen in Nigeria is the distribution of? Options:
  A) commodities to all consumers regardless of income
  B) commodities to consuming centres and the collection of money income to producing centres
  C) economic welfare to all
  D) wealth to all
  E) poverty within the society
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  The correct answer is A .