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 1411: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 1412: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 1413:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 1414: One major factor that determines the location of an industry is Options:
  A) tax exemption grant
  B) its proximity to the market
  C) the capital base
  D) the social responsibility of the firm
  Show Answer
  The correct answer is B .
• Question 1415:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 1416: A decrease in supply without a corresponding change in demand will lead to Options:
  A) an increase in equilibrium price and a decrease in equilibrium quantity
  B) a decrease in equilibrium price and an increase in equilibrium qantity
  C) a decrease in equilibrium price and equilibrium quantity
  D) an increase in equilibrium price and quantity
  Show Answer
  The correct answer is A .
• Question 1417:

  

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by

  Options:
  A) Curves Z and Y
  B) Curve X
  C) Curve Z
  D) Curve Y
  Show Answer
  The correct answer is C .
• Question 1418: An agreement among firms on price and segmentation is termed Options:
  A) cartel
  B) collusion
  C) haggling
  D) specialization
  Show Answer
  The correct answer is A .
• Question 1419: Economic freedom is a basic feature of economy Options:
  A) an industrialized economy
  B) a planned economy
  C) a developed economy
  D) a market economy
  Show Answer
  The correct answer is D .
• Question 1420:

  Which of the following are direct taxes?

  Options:
  A) Sales taxes
  B) Excise taxes
  C) Income and company taxes
  D) Tarrif duties
  E) Commodity taxes
  Show Answer
  The correct answer is C .