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 1:

  

  The long-run equilibrium price and quantity forthe firm are respectively

  Options:
  A) OP, OY
  B) OR, OZ
  C) OR, OX
  D) OQ, OZ
  Show Answer
  The correct answer is C .
• Question 2: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 3: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
  Show Answer
  The correct answer is D .
• Question 4: A utility maximizing household will allocate its expenditure so that? Options:
  A) more naira is spent on commodities with the highest utility
  B) less naira is spent on commodities with the lowest utility
  C) the utility of the last naira spent on each commodity is equal
  D) the amount spent on each commodity is equal
  Show Answer
  The correct answer is C .
• Question 5: Which of the following is not a component of national income at factor cost? Options:
  A) Wages earned by doctor
  B) Rent paid to landlords
  C) Indirect tax
  D) Undistributed company profits
  E) Interest on loan
  Show Answer
  The correct answer is C .
• Question 6:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 7: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 8: Normative economics deals with? Options:
  A) what is and not what should be
  B) facts and not figures
  C) facts and figures
  D) value judgements
  Show Answer
  The correct answer is D .
• Question 9: The practice of selling goods overseas and often below the cost of production is known as Options:
  A) retailing
  B) dumping
  C) internal trade
  D) advertising
  Show Answer
  The correct answer is B .
• Question 10: In the keynesian model? Options:
  A) the demand for money is inversely related to the rate of interest
  B) investment is directly related to the rate of interest
  C) investment is not related to the rate of interest to the rate of interest
  D) the demand for money is directly related to the rate of interest
  Show Answer
  The correct answer is D .