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 1151: Under perfect competition, the short-run supply curve of a firm is determined by its Options:
  A) total cost curve
  B) marginal cost curve
  C) average fixed cost curve
  D) average cost curve
  Show Answer
  The correct answer is B .
• Question 1152: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 1153: The most popularly adopted industrialization strategy in West Africa is? Options:
  A) import substitution
  B) export promotion
  C) ports development
  D) infant industries protection
  Show Answer
  The correct answer is A .
• Question 1154: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 1155: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 1156: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 1157:

  Which of the following is an invisible item?

  Options:
  A) Petroleum services
  B) Processed rice
  C) Processed milk
  D) Banking services
  Show Answer
  The correct answer is D .
• Question 1158: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 1159: According to the theory of comparative advantage specialization will result in Options:
  A) labour-intensive method of production
  B) capital-intensive method of production
  C) efficient allocation of resources
  D) efficient distribution of output
  Show Answer
  The correct answer is C .
• Question 1160:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .