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 661:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 662: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .
• Question 663: The invisible hand promotes the interests of Options:
  A) consumers
  B) society
  C) government
  D) producers
  Show Answer
  The correct answer is C .
• Question 664: The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer Options:
  A) rationality
  B) surplus
  C) sovereignty
  D) credit
  Show Answer
  The correct answer is B .
• Question 665: when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following Options:
  A) a fall in income
  B) a rise in the price of a complement
  C) a fall in the price of substitute
  D) a change in taste against this commodity
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 666: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 667:

  Which of the following is used by the central bank to control the rate of interest

  Options:
  A) bill of exchange
  B) banker's order
  C) fixed deposit account
  D) open market operation
  Show Answer
  The correct answer is D .
• Question 668: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
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  The correct answer is D .
• Question 669: The technical relationship between the physical inputs and the physical outputs of a firm is Options:
  A) Utility
  B) Cost
  C) Demand
  D) Production function
  Show Answer
  The correct answer is D .
• Question 670:

  

  The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

  Options:
  A) 2 units of rice
  B) 5 units of beans
  C) 17 units of rice
  D) 20 units of beans
  Show Answer
  The correct answer is A .