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 801: In a free market economy, the rationing of scarce goods is done principally by Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  E) both A and B
  Show Answer
  The correct answer is D .
• Question 802: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 803:

  If the marginal utility of commodity is equal to its price, then

  Options:
  A) the consumer is in equilibrium
  B) more of the commodity can be consumed
  C) total utility is also equal to its price
  D) the market is not in equilibrium
  Show Answer
  The correct answer is A .
• Question 804: The difference between visible exports and invisible exports of a country, in money terms, is known as the? Options:
  A) Balance of trade
  B) Balance of payments
  C) Terms of trade
  D) Foreign reserves
  E) Special drawing right
  Show Answer
  The correct answer is B .
• Question 805:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .
• Question 806: The three groups of government revenue are? Options:
  A) investment income, direct tax and indirect tax
  B) imports duties, excise tax and export duties
  C) company tax, personal income tax and import duties
  D) company tax, import duties and excise tax
  Show Answer
  The correct answer is A .
• Question 807:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 808: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 809:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 810:

  Which of the following matters may account for changes in demand?

   

  I - changes in consumer preferences

  II - changes in real income

  III - changes in distribution of incomes

  IV - changes in levels of taxation

   

   

  Options:
  A) I, II
  B) II, III
  C) I, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .