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 1031: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .
• Question 1032: The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his? Options:
  A) total utility must fall
  B) marginal utility must fall
  C) marginal utility may rise even though his total utility is falling
  D) marginal utility may fall even though his total utility may be rising
  Show Answer
  The correct answer is B .
• Question 1033: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
  Show Answer
  The correct answer is A .
• Question 1034:

  The economies of West African Countries depend majorly on

  Options:
  A) primary product
  B) secondary product
  C) tertiary product
  D) manufacturing product
  Show Answer
  The correct answer is A .
• Question 1035:

  

  The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

  Options:
  A) 2 units of rice
  B) 5 units of beans
  C) 17 units of rice
  D) 20 units of beans
  Show Answer
  The correct answer is A .
• Question 1036: The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price? Options:
  A) always reflects the cost of labour
  B) reflects the variable, but not the fixed cost of production
  C) does not rise above variable costs
  D) is determined by the cost of production and the current rate of inflation
  Show Answer
  The correct answer is B .
• Question 1037: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .
• Question 1038:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  The multiplier is

  Options:
  A) 8
  B) 4
  C) 3
  D) 2
  Show Answer
  The correct answer is D .
• Question 1039: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
  Show Answer
  The correct answer is B .
• Question 1040: If a firm doubles its output and its cost increase by 60%, the firm is experiencing Options:
  A) increase cost
  B) economies of scale
  C) decreasing returns
  D) decreasing cost
  E) none of the above
  Show Answer
  The correct answer is B .