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 571: At the consumer equilibrium, the slope of the indifference curve is? Options:
  A) half the slope of the budget constraint line
  B) equal to the slope of the budget constraint line
  C) greater than the slope of the budget constraint line
  D) less than the slope of the budget constraint line
  Show Answer
  The correct answer is B .
• Question 572: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 573: The loans from the World Bank to developing countries are mainly to support Options:
  A) capital-intensive technology
  B) the establishment of universities
  C) their infrastructure investment
  D) their level of consumption
  Show Answer
  The correct answer is C .
• Question 574: 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 575: One of the characteristics of oligopoly is the availability of Options:
  A) few sellers
  B) few buyers
  C) many sellers
  D) a single seller
  Show Answer
  The correct answer is A .
• Question 576: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D .
• Question 577: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 578:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 579: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .
• Question 580: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C .