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 551:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 552: The combination of two commodities each yielding the same level of satisfaction to the consumer is Options:
  A) consumer surplus
  B) indifference curve
  C) budget constant
  D) goods of necessity
  Show Answer
  The correct answer is B .
• Question 553: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
  Show Answer
  The correct answer is A .
• Question 554: A manufacturer who wants to build a new plant will source funds from the Options:
  A) commercial banks
  B) money market
  C) capital market
  D) government
  Show Answer
  The correct answer is C .
• Question 555:

  The effects on the demand for product A caused by a change in the price of product B is Called____________

  Options:
  A) Joint demand
  B) cross-elasticity of demand
  C) elasticity of supply
  D) competitive demand
  Show Answer
  The correct answer is A .
• Question 556: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 557: If the actual population in a country is less than the optimum population, then? Options:
  A) it is desirable to have a large population
  B) it is necessary to have an improved technology to sustain the population
  C) it is desirable to have a smaller population
  D) the available resources are inadequate to substain the population
  Show Answer
  The correct answer is A .
• Question 558:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 559: If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys Options:
  A) economies of scale
  B) specialization
  C) division of labour
  D) diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 560: Optimum population is desirable because it enables an economy to obtain maximum? Options:
  A) per capita income
  B) per capital output
  C) per capita real income
  D) per capital revenue
  E) growth rate
  Show Answer
  The correct answer is A .