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 1261:

  

  In the diagram III refers to the calculationof national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 1262: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population Options:
  A) 10
  B) 20
  C) 30
  D) 50
  Show Answer
  The correct answer is C .
• Question 1263: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 1264:

  Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

  Options:
  A) Partnership
  B) Sole proprietorship
  C) Public limited liability company
  D) Private limited liability company
  Show Answer
  The correct answer is C .
• Question 1265:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .
• Question 1266: The burden of a government tax on a commodity whose demand is inelastic will Options:
  A) be borne only by the government
  B) fall more heavily on consumers
  C) be shared equally between consumers and producers
  D) fall more heavily on producers
  Show Answer
  The correct answer is B .
• Question 1267: In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when Options:
  A) MUX = MUA
  B) MUX = PX
  C) PX = X
  D) PX = PY
  Show Answer
  The correct answer is B .
• Question 1268: Given that TC = TFC + TVC and TR = AR x Q, profit is equal to Options:
  A) (AR + Q) - TFC
  B) $\frac{\text{(TFC + TVC)}}{Q}$
  C) (AR x Q) - TC
  D) $\frac{\text{(TC x Q)}}{AR}$
  Show Answer
  The correct answer is C .
• Question 1269: Production is best defined in economics as Options:
  A) creation of utility yielding goods and services
  B) distribution of goods and services
  C) manufacturing of goods by small factories
  D) provision of basic amenities
  E) rendering of services only
  Show Answer
  The correct answer is A .
• Question 1270: A tax system which takes lesser percentage of a tax payers income as his income increase is known as Options:
  A) direct tax
  B) indirect tax
  C) progressive tax
  D) proportional tax
  E) regressive tax
  Show Answer
  The correct answer is C .