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 71: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 72:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .
• Question 73:

  Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?

  No. of oranges Consumed	Total Utility	Average Utility	Marginal Utility
  1	9	9	-
  2	16	8	x
  3	24	8	6
  4	30	7.5	4
  5	34	6.8	y
  6	36	6	2
  7	36	5.1	0

  Options:
  A) 0.5
  B) 7
  C) 0
  D) 8
  Show Answer
  The correct answer is B .
• Question 74:

  If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

  Options:
  A) Scarce
  B) Normal
  C) Superior.
  D) Inferior
  Show Answer
  The correct answer is D .
• Question 75: A major feature of an underdeveloped economy is Options:
  A) excess capacity utilization
  B) low rate of population growth
  C) low level of standard of living
  D) low level of unemployment
  Show Answer
  The correct answer is C .
• Question 76:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 77: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .
• Question 78: One of the characteristics of private enterprises is ______? Options:
  A) Provision of welfare to the citizens
  B) That tax payers bear all the risks
  C) Public ownership of shares
  D) Individual funding of business activities
  Show Answer
  The correct answer is D .
• Question 79: The main objective of WTO is to Options:
  A) ensure adequate protection of infant industries
  B) provide a mechanism for tariff reduction
  C) assist countries with chronic balance of payments problem
  D) assist developing countries to execute developmental projects
  Show Answer
  The correct answer is D .
• Question 80:

  A firm's average cost decreases in the long-run because of

  Options:
  A) increasing returns to scale
  B) diminishing average returns
  C) decreasing marginal returns
  D) decreasing average fixed cost
  Show Answer
  The correct answer is A .