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 1201:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 1202:

  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 1203: A country's terms of trade can be improved by ____? Options:
  A) collective bargaining
  B) imposing lower export duties
  C) revelation of currency
  D) reducing demand for imported goods
  Show Answer
  The correct answer is B .
• Question 1204: Optimum population is desirable because it enables an economy to obtain maximum? Options:
  A) per capita income
  B) per capital output
  C) per capita real income
  D) per capital revenue
  E) growth rate
  Show Answer
  The correct answer is A .
• Question 1205: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 1206:

  $\begin{array}{ccc}\text{Output produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  Using the table above, the ATC at 30 units of output is

  Options:
  A) ₦3.00
  B) ₦4.00
  C) ₦60.00
  D) ₦120.00
  Show Answer
  The correct answer is B .
• Question 1207:

  

  The graphs illustrate

  Options:
  A) joint demand
  B) derived demand
  C) composite demand
  D) competitive demand
  Show Answer
  The correct answer is D .
• Question 1208: One of the ways by which Government derives revenue from industrial enterprises in West Africa is? Options:
  A) tariffs
  B) excise duties
  C) poll tax
  D) import duties
  E) community tax
  Show Answer
  The correct answer is B .
• Question 1209: In the agricultural sector, improved extension services facilitate? Options:
  A) acquistion of techniques
  B) arable crop production
  C) mobility of labour
  D) livestock production
  Show Answer
  The correct answer is A .
• Question 1210: The difference between personal income and personal disposal income is? Options:
  A) personal income tax
  B) investment income
  C) personal savings
  D) consumption expenditure
  Show Answer
  The correct answer is A .