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 3001: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 3002: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
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  The correct answer is D .
• Question 3003: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
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  The correct answer is A .
• Question 3004: In the national income and product accounts, double counting is avoided if? Options:
  A) only final goods counted
  B) only intermediate goods are counted
  C) only intermediate and final goods are counted
  D) the value of all goods and services are added together
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  The correct answer is A .
• Question 3005: If the price of a commodity with elastic demand increases, the revenue accruing to the producer will Options:
  A) double
  B) increase
  C) be constant
  D) decrease
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  The correct answer is D .
• Question 3006: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
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  The correct answer is A .
• Question 3007:

  The marginal propensity to consume is

  Options:
  A) Options B, C and D
  B) ΔC/ΔY
  C) The slope of the consumption function
  D) Coefficient c in the equation C = C + cYd
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  The correct answer is A .
• Question 3008: The problem of “how to produce” in any economy is solved by Options:
  A) adopting the least cost method of production
  B) combining capital and labour intensive methods of production
  C) employing the services of a manager
  D) using capital intensive method of production
  E) using labour intensive method of production
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  The correct answer is B .
• Question 3009: The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his? Options:
  A) total utility must fall
  B) marginal utility must fall
  C) marginal utility may rise even though his total utility is falling
  D) marginal utility may fall even though his total utility may be rising
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  The correct answer is B .
• Question 3010: A tax on a commodity whose supply is perfectly inelastic is? Options:
  A) shifted completely on the consumer
  B) completely borne by the supplier
  C) dividend in the ratio 60;40 between the consumer and the supplier
  D) divided half-and-half between the producer and the consumer
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  The correct answer is B .