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 1291: The equilibrium point of a firm is attained at the point where the isoquant is Options:
  A) greater than the isocost
  B) less than the isocost
  C) tangent to the isocost
  D) greater than the output
  Show Answer
  The correct answer is B .
• Question 1292: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 1293: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 1294: One of the assumptions of the cardinalist approach is Options:
  A) diminishing marginal rate of substitution
  B) the consistency and transitivity of choice
  C) that total utility depends on the quantity of the commodities consumed
  D) unstable marginal utility of money
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  The correct answer is C .
• Question 1295:

  $\begin{array}{ccc}\text{Units of quantity}& \text{Total utility}& \text{Marginal utility}\\ 0& -& -\\ 1& 10& 10\\ 2& 15& 5\\ 3& 17& 2\\ 4& 18& 1\\ 5& 18& 0\end{array}$

  The table illustrate the law of

  Options:
  A) admonishing returns
  B) increasing returns
  C) diminishing marginal utility
  D) increasing marginal utility
  Show Answer
  The correct answer is C .
• Question 1296: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
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  The correct answer is B .
• Question 1297: Plywood industries are often located near the source of? Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
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  The correct answer is D .
• Question 1298: Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will? Options:
  A) induce greater demand for beef
  B) induce greater demand for fish
  C) induce lower demand for fish
  D) equate demands for beef and fish
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  The correct answer is B .
• Question 1299: Liquidation of limited liability company implies that the? Options:
  A) company may not pay its debt
  B) debts of the company can only be paid from its own assets
  C) debts of the company are paid from both business and private funds of the owners
  D) debts of the company musts be paid from public funds only
  Show Answer
  The correct answer is B .
• Question 1300:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .