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 2011:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 2012:

  

  If in this demand-supply diagram, the quantity supplied is OQ, then

  Options:
  A) price will be OP
  B) there will be excess demand of RT
  C) price will be ON
  D) price will tend to rise
  Show Answer
  The correct answer is B .
• Question 2013: One of the assumptions of ordinal utility theory is that Options:
  A) choice is not consistent
  B) utility can be ranked
  C) total utility is a function of price
  D) satisfaction is measurable
  Show Answer
  The correct answer is B .
• Question 2014: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 2015: If children and the aged dominate the population of a country, this results in Options:
  A) a reduction in the importation of capital goods
  B) a fall in the standard of living
  C) an increase in the national income
  D) an improvement in the standard of living
  Show Answer
  The correct answer is A .
• Question 2016: The system of measurement of national income as the sum of all final demands is called? Options:
  A) income approach
  B) expenditure approach
  C) value-added
  D) final demands approach
  Show Answer
  The correct answer is B .
• Question 2017:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 2018:

  The coefficient of the price elasticity of supply is always_____________

  Options:
  A) Constant
  B) Zero
  C) Positive
  D) Negative
  Show Answer
  The correct answer is C .
• Question 2019:

  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 2020: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .