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 2031: The market in which the operators are many and none of them can influence the price is Options:
  A) stock exchange market
  B) imperfect market
  C) perfect foreign market
  D) exchange market
  Show Answer
  The correct answer is C .
• Question 2032: A utility maximizing household will allocate its expenditure so that? Options:
  A) more naira is spent on commodities with the highest utility
  B) less naira is spent on commodities with the lowest utility
  C) the utility of the last naira spent on each commodity is equal
  D) the amount spent on each commodity is equal
  Show Answer
  The correct answer is C .
• Question 2033:

  Crude petroleum is a good example of a

  Options:
  A) lasting asset
  B) wasting asset
  C) synthetic product
  D) costless resources
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  The correct answer is B .
• Question 2034: An aging population refers to the preponderance of? Options:
  A) middle-aged people in the population
  B) young people in the population
  C) women in the the population
  D) old men in the population
  E) old people in the population
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  The correct answer is E .
• Question 2035:

  An example of commodity money is

  Options:
  A) currency note
  B) mobile money
  C) cheques
  D) silver
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  The correct answer is D .
• Question 2036:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
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  The correct answer is D .
• Question 2037:

  A firm that closes down will still incur

  Options:
  A) variable cost
  B) fixed cost
  C) total cost
  D) marginal cost
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  The correct answer is B .
• Question 2038:

  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 2039: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
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  The correct answer is B .
• Question 2040: Which of the following factors is the most important in siting a petrol-chemical plants? Options:
  A) Nearness to the source of raw materials
  B) Nearness to the source of power
  C) Availability of labour
  D) Proximity to financial institutions
  Show Answer
  The correct answer is A .