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 771: The concept of marginal utility indicates the relationship between utility and _________? Options:
  A) Price
  B) Satisfaction
  C) Cost
  D) Revenue
  Show Answer
  The correct answer is B .
• Question 772: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 773: Comparative advantage implies that a country will specialize in producing the commodity? Options:
  A) with the highest opprotunity cost
  B) for which output per worker is lower than in other countries
  C) with the lowest opportunity cost
  D) for which output per worker is the same with those of other countries
  Show Answer
  The correct answer is C .
• Question 774: In a joint stock company, preference shareholders are those who receive? Options:
  A) high dividends when profits are high and little or nothing when profits are low
  B) a fixed rate of individend and have the first claim on the net profits of the company
  C) the remaining profits after all other shareholders have been paid
  D) dividends quarterly when others receive annually
  Show Answer
  The correct answer is B .
• Question 775: The GDP of Nigeria will be greater than her GNP if? Options:
  A) the value of goods and services to Nigeria is greater than the value of those from Nigeria
  B) consumption is greater than investment
  C) government expenditures are greater than the foreign aid received
  D) the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
  Show Answer
  The correct answer is D .
• Question 776:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 777:

  The following are types of capital except:___________

  Options:
  A) Current capital
  B) Saving capital
  C) Working capital
  D) Social capital
  Show Answer
  The correct answer is B .
• Question 778:

  Full employment is a situation in which _______

  Options:
  A) Every adult is employed.
  B) Only the disable are not employed.
  C) All adults who can work are employed.
  D) All those who are able and eligible can find employment
  Show Answer
  The correct answer is D .
• Question 779:

  Age range in years	% ofpopulation
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country.

  The dependency ratio between 1960 and 1990 is

  Options:
  A) increased by 5%
  B) increased by 2%
  C) decrease by 2%
  D) decrease by 5%
  Show Answer
  The correct answer is C .
• Question 780: A classroom teacher is promoted to the rank of a principal. This is an example of Options:
  A) vertical mobility
  B) lateral mobility
  C) social mobility
  D) horizontal mobility
  Show Answer
  The correct answer is D .