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 1171: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 1172: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is Options:
  A) Progressive
  B) Indirect
  C) Regressive
  D) Proportional
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 1173: A tax on a commodity whose supply is perfectly inelastic is? Options:
  A) shifted completely on the consumer
  B) completely borne by the supplier
  C) dividend in the ratio 60;40 between the consumer and the supplier
  D) divided half-and-half between the producer and the consumer
  Show Answer
  The correct answer is B .
• Question 1174: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
  Show Answer
  The correct answer is C .
• Question 1175:

  The Power Holding Company of Nigeria (PHCN) is a ________

  Options:
  A) Public limited company
  B) Private authority
  C) Public Corporation
  D) Public Liability company
  Show Answer
  The correct answer is C .
• Question 1176: As consumption of beer increases, its marginal utility to a drinker will Options:
  A) Increase
  B) Remain constant
  C) Fluctuate
  D) Decrease
  E) Change proportionally
  Show Answer
  The correct answer is D .
• Question 1177: Which of the following is NOT a feature of underdevelopment? Options:
  A) Low per capita income
  B) Vicious circle of poverty
  C) Low level of industrialization
  D) Greater dependence on primary production
  E) High per capita income
  Show Answer
  The correct answer is E .
• Question 1178: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .
• Question 1179:

  

  In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

  Options:
  A) Curve I
  B) Curve ll
  C) Curve lll
  D) Curve lV
  E) Curves l and lll
  Show Answer
  The correct answer is D .
• Question 1180: The basic principle of cooperative societies is to ________ Options:
  A) maintain the integrity of their members
  B) protect the interest and pursue the welfare of members
  C) ensure better working conditions for members
  D) provide voluntary services to the members
  Show Answer
  The correct answer is B .