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 1771: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
  Show Answer
  The correct answer is D .
• Question 1772: When a consumer is at equilibrium, the MRS_xy is equal to the Options:
  A) sum of the prices
  B) product of the two prices
  C) ratio of the two prices
  D) difference of the two prices
  Show Answer
  The correct answer is A .
• Question 1773: An agreement among firms on price and segmentation is termed Options:
  A) cartel
  B) collusion
  C) haggling
  D) specialization
  Show Answer
  The correct answer is A .
• Question 1774: Joint-stock companies can raise funds from Options:
  A) the money market
  B) the capital market
  C) various sources
  D) government
  Show Answer
  The correct answer is C .
• Question 1775: the major objective of current campaign for family planning in Nigeria is to? Options:
  A) reduce the death rate
  B) limit the number of women a man can marry
  C) keep the population growth rate constant
  D) raise the standard of living of the population
  Show Answer
  The correct answer is D .
• Question 1776:
  

  From the graph above, the consumer is at equilibrium at point

  Options:
  A) k
  B) l
  C) m
  D) j
  Show Answer
  The correct answer is A .
• Question 1777:

  Increasing national income without effective control of population size in a country can lead to

  Options:
  A) higher per capita income
  B) increase in poverty
  C) increased outflow of aid
  D) underutilization of resources
  Show Answer
  The correct answer is D .
• Question 1778: Counter trading is an international arrangement whereby? Options:
  A) goods and services are exchanged in a manner similar to barter
  B) goods and services are sold on the counter
  C) crude oil is sold to a foreign country
  D) goods are shipped to countries on which the United Nations has placed a trade embargo
  Show Answer
  The correct answer is A .
• Question 1779:

  Given: Investment = N100 million

  Consumption = N200 m + 0.75Y

  Y = C + I

  Where, Y =Income, C = Consumption and where

  I = Investment

  What is the income level to the nearest million?

  Options:
  A) N100 Million
  B) N300 Million
  C) N1,000 Million
  D) N1,200 Million
  Show Answer
  The correct answer is D .
• Question 1780: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .