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 691: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
  Show Answer
  The correct answer is D .
• Question 692: The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his? Options:
  A) total utility must fall
  B) marginal utility must fall
  C) marginal utility may rise even though his total utility is falling
  D) marginal utility may fall even though his total utility may be rising
  Show Answer
  The correct answer is B .
• Question 693: The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct Options:
  A) E = C + I + G
  B) E = C + I + G + M – X
  C) E = C + I + G + X – M
  D) E = C + I + G – T + M – X
  Show Answer
  The correct answer is C .
• Question 694: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 695: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .
• Question 696: Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as? Options:
  A) speculative motive
  B) precautionary motive
  C) transactions motive
  D) investment motives
  E) rainy day motive
  Show Answer
  The correct answer is B .
• Question 697:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 698:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 699:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 700: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .