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 1451: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1452:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1453: When price is set below equilibrium, this will lead to Options:
  A) an increase in the quantity supplied
  B) a new equilibrium
  C) a decrease in the quantity supplied
  D) a fall in price
  Show Answer
  The correct answer is D .
• Question 1454: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 1455:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .
• Question 1456: The commercial banks differ from non-bank financial institutions because they Options:
  A) Accept deposits withdrawable by cheque
  B) Mobilize savings
  C) Invest surplus funds
  D) Contribute to economic development
  Show Answer
  The correct answer is A .
• Question 1457: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 1458: What effect would a change in price of a commodity have on its supply? Options:
  A) An increase in supply
  B) No change in supply
  C) A decrease in supply
  D) A change in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 1459: An important feature of perfect competition is that? Options:
  A) the movement of goods and services is restricted
  B) there is adequate knowledge of existing prices
  C) prices are centrally administered
  D) individual economic units can influence prices
  Show Answer
  The correct answer is B .
• Question 1460:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .