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 91: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
  Show Answer
  The correct answer is D .
• Question 92: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 93: The determinants of elasticity include? Options:
  A) price, time and availability of alternatives
  B) technology and cost of production
  C) time and availability of alternatives
  D) price, time and technology changes
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  The correct answer is A .
• Question 94:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
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  The correct answer is C .
• Question 95: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
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  The correct answer is B .
• Question 96:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
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  The correct answer is A .
• Question 97:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 98: The difference between visible exports and invisible exports of a country, in money terms, is known as the? Options:
  A) Balance of trade
  B) Balance of payments
  C) Terms of trade
  D) Foreign reserves
  E) Special drawing right
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  The correct answer is B .
• Question 99: An ad valorem tax means Options:
  A) total amount of an income tax
  B) a certain percentage on the value of a commodity
  C) a certain percentage tax on the volume of commodity
  D) a tax on capital gain
  E) a profit tax
  Show Answer
  The correct answer is B .
• Question 100: Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of? Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .