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 291: In a free market economy, the price system allocates resources? Options:
  A) under government's directives
  B) to ensure general welfare
  C) to their best alternatives
  D) to reduce poverty
  Show Answer
  The correct answer is C .
• Question 292: 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
  Show Answer
  The correct answer is A .
• Question 293: If the quantity supplied of acommodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is Options:
  A) 4
  B) 1
  C) 2
  D) 5
  Show Answer
  The correct answer is C .
• Question 294: The Nigerian indigenization decree process involves Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 295: The economic questions about what and how to produce in an economy is solely answered by the _______? Options:
  A) government
  B) labour union
  C) private and public enterpriser
  D) system of economy practised
  Show Answer
  The correct answer is D .
• Question 296: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
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  The correct answer is D .
• Question 297: A buyer who haggles in the market is applying the principle of Options:
  A) choice
  B) price mechanism
  C) opportunity cost
  D) utilty maximization
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  The correct answer is D .
• Question 298:

  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 299: 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 300: If the demand of a product with perfectly elastic supply increases, there will be Options:
  A) An increase in price and quantity offered
  B) An increase in quantity offered but price will remain the same
  C) A reduction in price and quantity offered
  D) An increase in price but a reduction in quantity offered for sale
  E) An increase in quantity offered but a reduction in price
  Show Answer
  The correct answer is B .