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 111:

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 112: A high rent on land will affect the cost of producing maize Options:
  A) at the early stage of production
  B) negatively
  C) at the later stage of population
  D) positively
  Show Answer
  The correct answer is B .
• Question 113: If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand Options:
  A) 0.5
  B) 1.2
  C) 2.5
  D) 4.0
  Show Answer
  The correct answer is A .
• Question 114: At the point of profit maximization by a firm, marginal cost is? Options:
  A) minimum
  B) falling
  C) constant
  D) rising
  Show Answer
  The correct answer is D .
• Question 115: A possible factor which limits the extent of growth of a firm is the? Options:
  A) existence of a monoploy
  B) bureaucratic delays in decision-making
  C) use of by-products
  D) unwillingness to share ownership and control
  Show Answer
  The correct answer is D .
• Question 116:

  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 117: Which of the following is a disadvantage of regional concentration of industries? Options:
  A) Development of congested urban areas
  B) Existence of regional unempolyment
  C) High cost of labour
  D) Immobility of labour
  Show Answer
  The correct answer is A .
• Question 118: Which of the following causes of inflation is related to demand-pull inflation? Options:
  A) Low productivity on farms and in firms
  B) Poor storage facilities
  C) Poor distribution system
  D) Increase in expenditure on construction
  Show Answer
  The correct answer is A .
• Question 119: 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 120:

  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 .