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 1031:

  An exceptional demand curve can result from

  Options:
  A) increase in price of raw materials
  B) increase in the size of the population
  C) expectation of future price increase
  D) change in taste of consumer
  Show Answer
  The correct answer is C .
• Question 1032:

  Business cycle is associated with

  Options:
  A) Recession
  B) Unemployment
  C) Seasonal variation
  D) Inflation
  Show Answer
  The correct answer is A .
• Question 1033:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .
• Question 1034: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
  Show Answer
  The correct answer is A .
• Question 1035:

  In the long-run, a firm must shut down if its average revenue is

  Options:
  A) greater than average cost
  B) less than average variable cost
  C) equal to the minimum average revenue is
  D) equal to the average cost
  Show Answer
  The correct answer is B .
• Question 1036: One of the main achievements of the Economic Commission for Africa is Options:
  A) eliminating trade restrictions among states
  B) encouraging transport and communication development
  C) guaranteeing a steady flow of foreign investment into Africa
  D) providing the machinery for collaboration on monetary issues
  Show Answer
  The correct answer is A .
• Question 1037: It is important to measure the National Income of a country because? Options:
  A) it is a major determinant of the standard of living
  B) it reveals hazards of development like pollution and congestion
  C) it reveals the distribution of the citizen's savings in foreign banks
  D) its size determines the extent of political stability
  Show Answer
  The correct answer is A .
• Question 1038:

  Demand-pull inflation is likely to be caused by

  Options:
  A) an increase in the cost of factor inputs
  B) increase in the income tax rate
  C) increase in bank lending rate
  D) increasingly large budget deficit
  Show Answer
  The correct answer is D .
• Question 1039: A major factor affecting the value of money is the? Options:
  A) price level
  B) banking habit
  C) transaction motive
  D) divisible nature of money
  Show Answer
  The correct answer is A .
• Question 1040: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
  Show Answer
  The correct answer is A .