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 791: Demand for a commodity by a consumer is the quantity of that commodity that the consumer Options:
  A) demands at a given price at a point in time
  B) demand at a given price
  C) actually digests
  D) produces, given its price
  E) can store away during bnad weather
  Show Answer
  The correct answer is A .
• Question 792: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 793: In a demand curve, the relationship between price and quantity is? Options:
  A) indeterminate
  B) direct
  C) nil
  D) inverse
  Show Answer
  The correct answer is C .
• Question 794: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 795: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 796: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .
• Question 797: For a firm, value added can be defined as the difference between the Options:
  A) input prices and product prices
  B) value of its output and inputs purchased from other firms
  C) value of its output and the cost of production
  D) total revenue and total cost
  Show Answer
  The correct answer is B .
• Question 798: Warehousing facilities in the distribution and marketing of products are provided by? Options:
  A) manufacturers
  B) wholesalers
  C) retailers
  D) consumers
  E) sellers
  Show Answer
  The correct answer is B .
• Question 799: The main objective of WTO is to Options:
  A) help countries with chronic balance of payments problems
  B) help debtor nations solve their problems
  C) ensure adequate tariff protection for infant industries
  D) provide a mechanism for tariff reductions
  Show Answer
  The correct answer is D .
• Question 800: An agreement among firms on price and segmentation is termed Options:
  A) cartel
  B) collusion
  C) haggling
  D) specialization
  Show Answer
  The correct answer is A .