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 71:

  In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

  Options:
  A) Marginal utility
  B) Form utility
  C) Place utility
  D) Total utility
  Show Answer
  The correct answer is C .
• Question 72:

  

  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 73: By definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation? Options:
  A) VC =TC + FC
  B) VC = TC - FC
  C) VC = TC/FC
  D) VC = (TC)(FC)
  Show Answer
  The correct answer is B .
• Question 74: The exports-promotion strategy is aimed at producing Options:
  A) consumer goods originally imported
  B) machinery for industries
  C) more goods for exports
  D) more goods domestic consumption
  Show Answer
  The correct answer is C .
• Question 75:

  The study of Economics becomes necessary because of the______________

  Options:
  A) Large population size of the world
  B) Scarcity of resources
  C) Opportunity cost of goods and services
  D) Need to satisfy every desire of man
  Show Answer
  The correct answer is B .
• Question 76: If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is? Options:
  A) less than one
  B) equal to one
  C) greater than one
  D) equal to zero
  Show Answer
  The correct answer is C .
• Question 77: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 78:

  A budget with a projected revenue in excess of its expenditure is said to be?

  Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 79: The type of inflation that emanates from excess demand overs supply is___________? Options:
  A) Galloping inflation
  B) Imported inflation
  C) Demand-pull inflation
  D) Cost-push inflation
  Show Answer
  The correct answer is C .
• Question 80: The basic idea behind brand differentiation under an imperfect market arrangement is to? Options:
  A) stimulate demand for rival products
  B) create demand for the particular product
  C) enable the product penetrate the market
  D) enable the product to complete with others
  Show Answer
  The correct answer is B .