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 421: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 422: A characteristic of a debenture is that? Options:
  A) its yeild is based on profits
  B) its yeild is a fixed rate of interest
  C) it has no redemption date
  D) there is a voting right when interest is paid
  Show Answer
  The correct answer is B .
• Question 423: One of the factors that determine the supply of agricultural produce in Nigeria is Options:
  A) Price of substitutes
  B) Technological development
  C) Consumers choice
  D) Consumers income
  Show Answer
  The correct answer is D .
• Question 424: If a society is operating on the production possibility curve, this implies that the resources are? Options:
  A) fully and efficiently utilized
  B) fully but inefficiently utilized
  C) efficiently but not fully utilized
  D) abundant
  Show Answer
  The correct answer is A .
• Question 425:

  

  The diagram above shows the effect of

  Options:
  A) excess demand over supply at q₃
  B) excess supply over demand at q₂
  C) minimum price legislation at P₂
  D) maximum price legislation at P₂
  Show Answer
  The correct answer is A .
• Question 426:

  

  Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above

  Options:
  A) A
  B) B
  C) C
  D) D
  Show Answer
  The correct answer is B .
• Question 427: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 428: If MPC = 2/3 and investment is N100 million, the level of national income is Options:
  A) N100 million
  B) N10 million
  C) N303 million
  D) N300 million
  Show Answer
  The correct answer is D .
• Question 429:

  John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  Options:
  A) marginal physical productivity
  B) marginal income productivity
  C) consumer's surplus
  D) economic rent
  Show Answer
  The correct answer is D .
• Question 430: When workers have a union, the supply of labour is said to be Options:
  A) monopolistic
  B) oligopolistic
  C) monopsonistic
  D) competitive
  Show Answer
  The correct answer is A .