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 901: 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 .
• Question 902: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 903: Mobility of labour is higher when there Options:
  A) is a monopoly of jobs in one location
  B) is intense competition for jobs in the same location
  C) are alternative jobs in the same location
  D) are no alternative jobs in the same location
  Show Answer
  The correct answer is C .
• Question 904: 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 905: At the point of profit maximization by a firm, marginal cost is? Options:
  A) minimum
  B) falling
  C) constant
  D) rising
  Show Answer
  The correct answer is D .
• Question 906: By subsistence production we mean? Options:
  A) goods and services are produced for consumption only
  B) goods and services are sold to others
  C) raw materials are produced in the country
  D) goods and services are produced for the market
  E) none of these
  Show Answer
  The correct answer is A .
• Question 907: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .
• Question 908: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 909:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 910: In the short-run a firm marginal cost curve above the point of shut-down is its? Options:
  A) demand curve
  B) supply curve
  C) cost curve
  D) supply curve
  Show Answer
  The correct answer is B .