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 931: What fundamentally determines how much a consumer spends in a producer's shop? Options:
  A) Individual's propensity to consume
  B) level of his taxation
  C) level of his income
  D) Individual's taste or fashion
  Show Answer
  The correct answer is C .
• Question 932:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .
• Question 933:

  The last link in the channel of distribution is____________

  Options:
  A) Producer
  B) Retailer
  C) Consumer
  D) Wholesaler
  Show Answer
  The correct answer is C .
• Question 934:

  The money market equilibrium is defined as_________

  Options:
  A) when the demand and supply of money are equal
  B) when demand is greater than supply of money
  C) when demand is less than supply of money
  D) when supply is greater than demand for money
  Show Answer
  The correct answer is A .
• Question 935: The residual of production which accrues to the owner of land after all other expenses have been met is called? Options:
  A) wages
  B) rent
  C) interest
  D) profit
  Show Answer
  The correct answer is B .
• Question 936: If there is an increase in demand without a corresponding increase in supply, there will be a Options:
  A) rise in price
  B) shift in demand curve to the left
  C) fall in price
  D) shift in supply curve to the right
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  The correct answer is A .
• Question 937: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 938: In many developing countries, infrastructural problems is acute due to the shortage of? Options:
  A) industries and industrial equipment
  B) savings, investment and consumption
  C) natural resources for development
  D) supporting services that encourage economic activities
  Show Answer
  The correct answer is D .
• Question 939:

  The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

  Options:
  A) Volume of trade between countries
  B) direction of international trade
  C) commodity terms of trade
  D) volume of imports
  Show Answer
  The correct answer is C .
• Question 940: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .