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 1301: The burden of tax on a commodity whose demand is infinitely inelastic Options:
  A) is zero
  B) will be borne by the seller alone
  C) will be borne by the buyer alone
  D) will be borne by both buyer and seller
  E) is impossible to tell who bears it
  Show Answer
  The correct answer is C .
• Question 1302: The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes? Options:
  A) a fixed cost
  B) an implicit cost
  C) a variable cost
  D) a prime cost
  Show Answer
  The correct answer is B .
• Question 1303: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 1304: The working population refers to? Options:
  A) a population where the average age is falling
  B) the population within the '0 -14'age bracket
  C) the economically active segment of the population
  D) the dependent population
  Show Answer
  The correct answer is C .
• Question 1305: Comparative advantage implies that a country will specialize in producing the commodity? Options:
  A) with the highest opprotunity cost
  B) for which output per worker is lower than in other countries
  C) with the lowest opportunity cost
  D) for which output per worker is the same with those of other countries
  Show Answer
  The correct answer is C .
• Question 1306:

  In economic life, the choice among alternatives depends on the?

  Options:
  A) income of the decision maker
  B) scarcity of resources
  C) the scale of preference of the decision-maker
  D) status of the decison maker
  Show Answer
  The correct answer is C .
• Question 1307: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 1308: The major determinant of cross elasticity of demand is the Options:
  A) price of the good
  B) degree of necessity of the good
  C) level of income of consumers
  D) closeness of the substitutes
  Show Answer
  The correct answer is D .
• Question 1309: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 1310: Which of the following is a tariff? Options:
  A) Limit on the amount of goods which can be imported
  B) Inteest rate on foreign loans
  C) Government payment to domestic producers for exports
  D) Tax on imported goods
  Show Answer
  The correct answer is D .