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 981:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 982:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 983: The term 'Stock of Capital 'means? Options:
  A) amount of money necessary to start a business
  B) total amount receivable by all factors of production
  C) amount of equipment plant and inventory existing at a time
  D) total amount available for economic development
  Show Answer
  The correct answer is C .
• Question 984: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 985: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he Options:
  A) stops consuming more of the commodity
  B) reduces the quantity consumed
  C) increases the quantity consumed
  D) consumes more of another commodity
  Show Answer
  The correct answer is C .
• Question 986: In the short run, the monopolistic competitors? Options:
  A) always makes profit
  B) always incurs a loss
  C) always breaks -even
  D) may close down
  Show Answer
  The correct answer is A .
• Question 987: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for Options:
  A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
  B) evolving an acceptable wage for public servants
  C) evolving an acceptable revenue-sharing formula
  D) ensuring equity in the sharing of fiscal responsibilities
  Show Answer
  The correct answer is C .
• Question 988:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 989: In Nigeria, cheques are not money because? Options:
  A) their use is confined to business houses
  B) there are no banks in rular areas
  C) they are not legal tender
  D) they are not generally acceptable as a medium of exchange
  E) most Nigerians cannot identify them
  Show Answer
  The correct answer is C .
• Question 990: The primary problem of Economics is? Options:
  A) to obtain a more equitable distribution of money income
  B) the scarcity of productive resources relative to material needs
  C) how to reach prices which correctly depict that products and resources are not in abundance
  D) to teach people how to save so as to make more money
  Show Answer
  The correct answer is B .