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 1071: If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? Options:
  A) fall in both quantity of demand and total revenue
  B) fall in the quantity demanded and rise in total revenue
  C) fall in the quantity demanded and rise in marginal revenue
  D) rise in both the quantity demanded and the marginal revenue
  Show Answer
  The correct answer is A .
• Question 1072:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1073: When a firm is reaping economies of large-scale production, it experiences a fall in its? Options:
  A) long-run marginal cost
  B) long-run average cost
  C) long-run total cost
  D) short-run marginal cost
  Show Answer
  The correct answer is B .
• Question 1074: country is said to be overpopulated when Options:
  A) the resocurce are more than enough to cater for the population
  B) the size of the population is greater than the annual budget
  C) the resources are inadequate to cater for the population
  D) there are too many able-bodied men and women in the country
  Show Answer
  The correct answer is C .
• Question 1075:

  If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  Options:
  A) Progressive
  B) Proportional
  C) Indirect
  D) Regressive
  Show Answer
  The correct answer is D .
• Question 1076: If Nigeria imports vehicles from Japan the transaction will appear as a Options:
  A) debit on Japan's balance of payments
  B) credit on Japan's balance of payments
  C) credit on Nigeria's balance of trade
  D) credit on Nigeria's balance of payment
  Show Answer
  The correct answer is B .
• Question 1077: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 1078: A shift of the demand curve leftward from its original position indicate Options:
  A) an increase in quantity demanded
  B) a decrease in quantity demanded
  C) an expansion of demand
  D) a fall in demand
  E) price effect on demand
  Show Answer
  The correct answer is A .
• Question 1079:

  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
  Show Answer
  The correct answer is A .
• Question 1080:

  Agriculture accounts for about 60% of the

  Options:
  A) commodity market in West Africa
  B) arable land in West Africa
  C) active labour force in West Africa
  D) service sector activities in West Africa
  Show Answer
  The correct answer is C .