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 121:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .
• Question 122:

  Fixed Unit of Land (hectares)	Variable Unit of Labout	Total Output (TO)	Marginal Product (MP)
  5	1	10	10
  5	2	25	15
  5	3	X	21
  5	4	60	14
  5	5	73	13
  5	6	82	y

  The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

  Options:
  A) X = 20, Y = 6
  B) X = 38, Y =9
  C) X = 46, Y = 9
  D) X = 46, Y = 14
  E) X = 10, Y = 10
  Show Answer
  The correct answer is C .
• Question 123:
  

  A movement from K to M will

  Options:
  A) decrease the consumer's utility
  B) increase the price of the commodity
  C) increase the consumer's utility
  D) leave consumer's utility unchanged
  Show Answer
  The correct answer is D .
• Question 124:

  

  In the diagram, the marginal propensity to consume (MPC) is equal to

  Options:
  A) $\frac{RP}{TP}$
  B) $\frac{TP}{RP}$
  C) $\frac{RT}{RP}$
  D) $\frac{RT}{TP}$
  Show Answer
  The correct answer is B .
• Question 125:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .
• Question 126:

  

  The interdependence between households and business enterprises illustrated in the figure is known as

  Options:
  A) Market interaction
  B) Cash flow
  C) Circular flow of income
  D) Supply and demand for goods and services
  E) Household preference schedule
  Show Answer
  The correct answer is C .
• Question 127:

  Which of the following is not a direct tax?

  Options:
  A) capital gains tax
  B) purchase tax
  C) personal income tax
  D) capital tax
  Show Answer
  The correct answer is B .
• Question 128: To compare the standard of living among nations, the most widely used economic indicator is the Options:
  A) real gross national income
  B) real domestic output
  C) real per capita income
  D) per capita nominal income
  Show Answer
  The correct answer is C .
• Question 129: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .
• Question 130: The only factor of production that plays an active role in the production process is Options:
  A) land
  B) capital
  C) entrepreneur
  D) labour
  Show Answer
  The correct answer is C .