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: 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 2: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .
• Question 3: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .
• Question 4: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 5: The difference between the Gross Domestic Product and the Gross National Product is? Options:
  A) allowance for total depreciation
  B) total interest payments
  C) total tax and interest payments
  D) net income from aboard
  Show Answer
  The correct answer is D .
• Question 6:

  Market Schedules for Milk:

  Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
  8k	25,000	7,500
  10k	23,000	9,000
  13k	20,000	11,500
  15k	18,000	13,000
  18k	15,000	15,000
  20k	13,000	17,500
  23k	10,000	21,000
  25k	8,000	24,000

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  Options:
  A) 15k, 13,000
  B) 20k, 17,500
  C) 13k, 20,000
  D) 18k, 18,000
  E) 18k, 15,000
  Show Answer
  The correct answer is E .
• Question 7:

  

  In the diagram above, D_oD_o is the original demand curve, S_oS_o is the original supply curve, D₁D₁ is the new demand curve. What is the new equilibrium quantity?

  Options:
  A) Q₁
  B) Q₂
  C) Q₃
  D) Q₄
  Show Answer
  The correct answer is B .
• Question 8: Increased output will cause farmers' revenue to decrease when market demand is? Options:
  A) elastic
  B) inelastic
  C) unitary elastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 9: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 10: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .