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 721: The additional revenue obtained by using one more unit of a factor is called its? Options:
  A) marginal product
  B) additional product
  C) marginal revenue product
  D) average product
  Show Answer
  The correct answer is C .
• Question 722: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 723: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 724:

  The value of money depends primarily on _________

  Options:
  A) The gold backing of the currency
  B) The general price level
  C) Government decree that it is legal tender
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 725: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
  Show Answer
  The correct answer is B .
• Question 726: 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 727:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 728: The major source of Nigeria's foreign exchange is the export of? Options:
  A) skilled manpower
  B) palm kernel and cocoa
  C) crude oil
  D) groundnuts and cotton
  Show Answer
  The correct answer is C .
• Question 729: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 730:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .