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 1251: Which of the following is not a direct tax? Options:
  A) company income tax
  B) capital tax
  C) purchase tax
  D) personal income tax
  E) capital gain tax
  Show Answer
  The correct answer is C .
• Question 1252:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 1253: A budget deficit means Options:
  A) That a country is buying more than is selling
  B) That a country is selling more than is buying
  C) That a government is spending more than in takes in taxation
  D) That a government is spending less than it takes in taxation
  E) That a government is spending as much as it takes in taxation
  Show Answer
  The correct answer is C .
• Question 1254: Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income? Options:
  A) N380m
  B) N20m
  C) N180m
  D) N200m
  Show Answer
  The correct answer is A .
• Question 1255:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1256: If a monopolist is incurring short-run losses, this means that his Options:
  A) selling price is above the short-run marginal cost
  B) selling price is below the short-run marginal cost
  C) average revenue is greater than marginal revenue
  D) average reveune is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 1257:

  If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

  Options:
  A) at the maximum point on the AC curve
  B) at the highest point on the AC curve
  C) at the minimum point on the AC curve
  D) at the peak
  Show Answer
  The correct answer is C .
• Question 1258:

  The ultimate objectives of economics is to_________?

  Options:
  A) decide under what circumstances that government should intervene in the economy
  B) Organize production at the lowest cost
  C) Make the best use of scarce resources
  D) make efforts to understands how the economy works
  Show Answer
  The correct answer is C .
• Question 1259: The indices used to measure the cost of living is Options:
  A) consumption expenditure
  B) national income
  C) per capital income
  D) price index
  E) savings and investment
  Show Answer
  The correct answer is D .
• Question 1260: The marginal productivity theory applies in a Options:
  A) unionized labour market
  B) perfectly competitive market
  C) monopsonistic market only
  D) monopolistic market only
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  The correct answer is D .