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 941:

  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 942: A change from one industry to another by a worker is an example of Options:
  A) geographical mobility
  B) horizonatal mobility
  C) professional advancement
  D) veritcal mobility
  Show Answer
  The correct answer is A .
• Question 943: A characteristic of the average fixed cost is that, it? Options:
  A) rises and falls faster than the marginal cost
  B) is U-shaped and intersects the price axis
  C) is always higher than the average variable cost
  D) falls continuously but is never equal to zero
  Show Answer
  The correct answer is D .
• Question 944: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
  Show Answer
  The correct answer is A .
• Question 945: Being a member of the OPEC, Nigeria is in a favorable position to? Options:
  A) export her crude oil
  B) control world crude oil prices
  C) reap the benefit of a cartel
  D) borrow money from members
  Show Answer
  The correct answer is C .
• Question 946: the Central Bank's expansionary monetary policy is justified at a period? Options:
  A) when the inflation rate is high and the economic is experiencing a boom
  B) of economic depression accompanied by low capacity utilization
  C) when trade unions are clamouring for higher wages
  D) when price of crude petroleum is rising
  Show Answer
  The correct answer is B .
• Question 947: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 948:

  Scale of preference shows

  Options:
  A) incomes of consumers in order of size
  B) utilities enjoyed by consumers
  C) opportunity cost of goods consumed
  D) consumer's wants in order of priority
  Show Answer
  The correct answer is D .
• Question 949:

  A movement along a given demand curve for a good is caused by a change in

  Options:
  A) A consumer income
  B) The price of the good
  C) Taste
  D) The prices of other goods
  E) Population
  Show Answer
  The correct answer is B .
• Question 950:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .