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 921: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .
• Question 922: The problem of planning in Nigeria is mainly in the Options:
  A) implementation of the plans
  B) appraisal of the plans
  C) allocation of scarce resources
  D) articulation of the plans
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  The correct answer is A .
• Question 923:

  If two commodities are unrelated, a change in the price of one will____________

  Options:
  A) have effect on the quantity demanded of the other
  B) have no effect on the quantity demanded of the other
  C) increase the quantity demanded on the other
  D) decrease the quantity demanded on the other
  Show Answer
  The correct answer is B .
• Question 924: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
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  The correct answer is C .
• Question 925: Market is defined as? Options:
  A) one geographical location where people meet to buy and sell
  B) the demand and supply of goods and services
  C) a group of people whose sole interest is to make profit
  D) any organizational framework which links the buyers and sellers of a good and service
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  The correct answer is D .
• Question 926: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 927: Below equilibrium, the gap between aggregate demand and the full employment level of income is called the? Options:
  A) inflationary gap
  B) income gap
  C) unemployment gap
  D) deflationary gap
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  The correct answer is A .
• Question 928: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
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  The correct answer is D .
• Question 929: Which financial institution is charged with the formulation of monetary polices in Nigeria? Options:
  A) The Central Bank of Nigeria
  B) The Nigeria Deposit Insurance Corporation
  C) The Abuja Commodity Exchange
  D) The Lagos Stock Exchange
  Show Answer
  The correct answer is A .
• Question 930: An economy is described as spend-rift if it Options:
  A) does not concern itself with savings and investment
  B) has a great ability to generate foreign exchange from investment
  C) has greater opportunity to receive large income from investment
  D) invests in income generating industries
  E) has trade connection with other countries
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  The correct answer is A .