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 1581: Because money serves as a standard for deferred payments Options:
  A) it serves as a store of value
  B) goods can be bought on credit with pre-determined value
  C) future trade becomes possible
  D) it serves as a unit of account
  E) it becomes valuable
  Show Answer
  The correct answer is B .
• Question 1582: The demand curve for a luxury goods is Options:
  A) negatively sloped
  B) parallel to the price axis
  C) parallel to the quantity axis
  D) positively sloped
  Show Answer
  The correct answer is D .
• Question 1583:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .
• Question 1584:

  The sufficient condition for a firm to be in equilibrium is that the

  Options:
  A) firm must show that it is profitable
  B) marginal cost must be equal to average revenue
  C) marginal revenue curve is above the average revenue curve
  D) marginal cost curve cuts the marginal revenue curve from below
  Show Answer
  The correct answer is D .
• Question 1585:

  The release of a liquid petroleum hydrocarbon into the environment is_______

  Options:
  A) Oil glut
  B) Oil spill
  C) Oil shock
  D) Oil wastage
  Show Answer
  The correct answer is B .
• Question 1586: Net national income is Options:
  A) Gross national income minus depreciation
  B) gross domestic product plus net income from abroad
  C) nominal national income divided by the price level
  D) gross national income divided by the total population
  E) gross national product plus subsidies minus indirect taxes
  Show Answer
  The correct answer is E .
• Question 1587: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
  Show Answer
  The correct answer is A .
• Question 1588: If the marginal propensity to save is 0.8, calculate the multiplier? Options:
  A) 1.25
  B) 5.00
  C) 1.30
  D) 2.25
  Show Answer
  The correct answer is A .
• Question 1589: In a sole proprietorship, the decisions are made by the? Options:
  A) governmnet
  B) borad of directors
  C) management
  D) shareholders'conference
  E) owner
  Show Answer
  The correct answer is E .
• Question 1590: The advantages that accrue to a firm as the size of the firm increases are known as Options:
  A) external diseconomies
  B) internal returns to scale
  C) internal economies
  D) internal diseconomies
  E) constant returns to scale
  Show Answer
  The correct answer is C .