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 1011:

  The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

  Options:
  A) total utility must fall
  B) marginal utility must fall
  C) marginal utility may rise
  D) marginal utility may fall even though his total utility may be rising
  Show Answer
  The correct answer is B .
• Question 1012: The process by which a country attempts to reduce the import of manufactured goods at home is described as? Options:
  A) export-promotion
  B) import-substitution
  C) industrialization
  D) export-diversification
  E) import-creation
  Show Answer
  The correct answer is B .
• Question 1013:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 1014: Scarcity in economics generally refers to Options:
  A) A period of feminine
  B) Monopolization of existing supply of resources
  C) Nationalization of sources of raw materials in Nigeria
  D) The control of outlets to sell goods
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 1015: Indicate which of the following are invisible trade items in a country’s balance of payments? Options:
  A) oil exports and imports
  B) Gold and foreign reserves
  C) foreign investment
  D) Dividends and profit
  E) Expenditure on the shipping and tourism
  Show Answer
  The correct answer is E .
• Question 1016: The maintenance of general economic stability in the country necessarily relies heavily on? Options:
  A) federal fiscal policy
  B) coordinated federal, state and local fiscal policies
  C) tax and revenue policies of state governments
  D) federal grants to state and local government
  E) federal grants to local governments
  Show Answer
  The correct answer is B .
• Question 1017:

  

  From the table above, the total utility for the individual who consumes 3 units of commodity X is

  Options:
  A) 50 units
  B) 150 units
  C) 230 units
  D) 250 units
  Show Answer
  The correct answer is C .
• Question 1018: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 1019: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 1020: 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 .