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 41: A rational consumer will adjust his spending pattern so that Options:
  A) He buys only the one item that gives him most total satisfaction
  B) The marginal utility he gets from the last unit of item is the same
  C) The marginal utility he gets from the last naira spent on each item is the same
  D) The total utility he gets from each item is the same
  E) The total amount of money he spends on each item is the same
  Show Answer
  The correct answer is C .
• Question 42:

  The privatization exercise in Nigeria is a move towards a____________

  Options:
  A) command economy
  B) mixed economy
  C) subsistence economy
  D) market economy
  Show Answer
  The correct answer is D .
• Question 43: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 44: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .
• Question 45:

  Supply is________

  Options:
  A) A stock
  B) A Flow
  C) Constant
  D) A table
  Show Answer
  The correct answer is B .
• Question 46:

  

  The difference in each country's total output on specification is

  Options:
  A) 16000 units
  B) 9000 units
  C) 8000 units
  D) 7000 units
  Show Answer
  The correct answer is D .
• Question 47:

  An economy in which the whole income is not consumed is referred to as______

  Options:
  A) Frugal economy
  B) Spend thrift economy
  C) Capitalist economy
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 48: Which of the following best describes the concept of opportunity cost? Options:
  A) a special bargain or scale at below market price
  B) Cost of input tends to go up as we use more of them
  C) Goods that are not produced in order to produce more of another good
  D) A cost that constantly decreases
  Show Answer
  The correct answer is C .
• Question 49: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
  Show Answer
  The correct answer is A .
• Question 50: An economy in which both the public and the private sectors contribute substantially to the growth of output is? Options:
  A) a socialist economy
  B) a capitalist economy
  C) a mixed economy
  D) an industrial economy
  E) a peasant economy
  Show Answer
  The correct answer is C .