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 141: Diminishing marginal utility implies that Options:
  A) total utility decreases as consumption increases
  B) marginal utility increases as consumption increases
  C) marginal utility deceases as consumption increase
  D) marginal utility decreases as consumption decreases
  Show Answer
  The correct answer is C .
• Question 142: If a government is running deficit, this means Options:
  A) A term of trade are unfavourable
  B) more project cannot be undertaken
  C) Tax inflow is greater than expenditure
  D) aggregate demand is greater than aggregate supply
  E) tax inflow is less than expenditure
  Show Answer
  The correct answer is E .
• Question 143:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 144: The major objective of a revenue allocation formula in a country is to Options:
  A) share revenue between the different tiers of government
  B) divert revenue from areas of surplus to areas of need
  C) ensures the financial viability of the country
  D) share revenue between the public and private factors
  Show Answer
  The correct answer is A .
• Question 145: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 146:

  The type of business finance that entitles the holder to a fixed rate of dividend is______________--

  Options:
  A) bank load
  B) debenture
  C) preferred stock
  D) semi-fixed
  Show Answer
  The correct answer is C .
• Question 147: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 148:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 149: A cumulative frequency graph is Options:
  A) a histogram
  B) an ogive
  C) a bar chart
  D) a pie chart
  Show Answer
  The correct answer is B .
• Question 150:

  The second equation of exchange is__________

  Options:
  A) MV = PT
  B) P = $\frac{M}{KR}$
  C) P = $\frac{MV}{T}$
  D) P=MV
  Show Answer
  The correct answer is B .