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 851:

  

  From the table above, the total utility for the individual who consumes 3 units of commodity X is

  Options:
  A) 50 units
  B) 150 units
  C) 230 units
  D) 250 units
  Show Answer
  The correct answer is C .
• Question 852:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 853:

  If workers at the school canteen cannot sell during the holidays, this is example of

  Options:
  A) structural unemployment
  B) frictional unemployment
  C) seasonal unemployment
  D) residual unemployment
  Show Answer
  The correct answer is C .
• Question 854: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 855: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 856:

  The demand curve facing the monopolist in the foreign market is__________

  Options:
  A) Elastic
  B) Inelastic
  C) Perfectly elastic
  D) Unitary
  Show Answer
  The correct answer is C .
• Question 857: Differentiated product is the characteristic feature of? Options:
  A) perfect competition
  B) pure competition
  C) monopolistic competition
  D) monopoly
  E) oligopoly
  Show Answer
  The correct answer is C .
• Question 858: The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal? Options:
  A) utility
  B) productivity
  C) rate of substitution
  D) revenue
  Show Answer
  The correct answer is B .
• Question 859: Which of the following is NOT an instrument in the money market? Options:
  A) Treasury bill
  B) Bill of exchange
  C) Stocks and shares
  D) Call money fund
  Show Answer
  The correct answer is C .
• Question 860: Equilibrium prices is Options:
  A) a price which equates demand with supply
  B) a price where there is excess demand
  C) where consumers gain much
  D) where producers gain much
  E) where supply is more than demand
  Show Answer
  The correct answer is A .