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 1: Capital earns income because? Options:
  A) it is productive
  B) it is expensive
  C) it is always cheaper to substitute capital for labour
  D) it is technically more efficient than labour
  E) both A and B above
  Show Answer
  The correct answer is A .
• Question 2:

  The most important cost curve for the firm is_________

  Options:
  A) MC
  B) AC
  C) TC
  D) FC
  Show Answer
  The correct answer is B .
• Question 3: Generally, property taxes? Options:
  A) are borne entirely by landlords
  B) cannot be shifted in the long run
  C) are borne by all (renter, owner occupiers and landlords)
  D) are borne only by renters
  E) are borne by a few industrialist
  Show Answer
  The correct answer is C .
• Question 4: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 5: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 6: The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to? Options:
  A) raise the price of the commodity and affect the quantity in an indeterminate way
  B) decrease the equilibrium quantity and affect the price in an intermediate way
  C) raise its price as well as the equilibrium quantity
  D) lower it price while affecting the equilibrium quantity in an interminate way
  Show Answer
  The correct answer is C .
• Question 7:

  Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

  Options:
  A) Deflation
  B) Reinflation
  C) Disinflation
  D) Inflationary gap
  Show Answer
  The correct answer is D .
• Question 8:

  Money could be defined as

  Options:
  A) Options A, B and C
  B) Medium of exchange
  C) Settlement of debt
  D) Medium of payment
  Show Answer
  The correct answer is A .
• Question 9:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  The table shows the wage distribution of workers.Calculate the mean wage

  Options:
  A) ₦7.40
  B) ₦4.00
  C) ₦10.00
  D) ₦14.80
  Show Answer
  The correct answer is A .
• Question 10: Which of the following is NOT a source of government revenue? Options:
  A) Taxes, Fees, licenses and fines
  B) Personal income, disposable income and transfer earnings
  C) Interest, dividends, profits and earnings
  D) Grants, aids and borrowing
  Show Answer
  The correct answer is B .