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 1441: Consumer surplus tends to be higher when demand is Options:
  A) inelastic
  B) perfectly elastic
  C) elastic
  D) unitarily elastic
  Show Answer
  The correct answer is C .
• Question 1442:

  In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

  Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 1443: ECOWAS secretariat is located in Options:
  A) Abuja, Nigeria
  B) Accra, Ghana
  C) Conakry, Guinea
  D) Freetown, Sierra Leone
  E) Monrovia, Liberia V
  Show Answer
  The correct answer is A .
• Question 1444:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1445: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 1446: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
  Show Answer
  The correct answer is D .
• Question 1447: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 1448: Which of the following is not a component of national income at factor cost? Options:
  A) Wages earned by doctor
  B) Rent paid to landlords
  C) Indirect tax
  D) Undistributed company profits
  E) Interest on loan
  Show Answer
  The correct answer is C .
• Question 1449: The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price? Options:
  A) always reflects the cost of labour
  B) reflects the variable, but not the fixed cost of production
  C) does not rise above variable costs
  D) is determined by the cost of production and the current rate of inflation
  Show Answer
  The correct answer is B .
• Question 1450: To facilitate the exportation of crude oil from Nigeria, special? Options:
  A) airstrips were constructed for jets to evacute the oil
  B) roads were built to connect the major oil wells to the ports
  C) pipelines were laid to connect the major oil wellsto the ports
  D) railway lines were constructed to connect the major oil wells to the ports
  Show Answer
  The correct answer is C .