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 341: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 342:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
  Show Answer
  The correct answer is D .
• Question 343:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .
• Question 344: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 345:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 346:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .
• Question 347: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
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  The correct answer is D .
• Question 348:

  

  What is the equilibrium quantity?

  Options:
  A) 50
  B) 250
  C) 350
  D) 450
  Show Answer
  The correct answer is B .
• Question 349: The frequent value that occurs most in a data is Options:
  A) median
  B) mean
  C) mode
  D) range
  Show Answer
  The correct answer is C .
• Question 350: Which of the following statement is TRUE of the effect of changes in demand and supply on price? Options:
  A) A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  B) An increase in demand will lead to a fall in price and quantity bought and sold
  C) A decrease in demand will lead to a rise in price and in the quantity bought and sold
  D) An increase in supply will lead to a fall price and a rise in the quantity bought and sold
  Show Answer
  The correct answer is D .