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 1451: A firm achieves least-cost in production by substituting factors until? Options:
  A) their prices are equal
  B) the ratio of their marginal -physical-products equals the ratio of their prices
  C) their marginal -physical-products are each equal to their factor prices
  D) their marginal -physical-products are each equal to zero
  Show Answer
  The correct answer is B .
• Question 1452: When a generalization is made based on observed facts, it is known as? Options:
  A) deductive reasoning
  B) inductive reasoning
  C) theoretical reasoning
  D) normative reasoning
  Show Answer
  The correct answer is B .
• Question 1453: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 1454: Which is the dominant form of tax in Nigeria Options:
  A) Direct tax
  B) Indirect tax
  C) Inheritance tax
  D) Personal income tax
  E) Value added tax
  Show Answer
  The correct answer is A .
• Question 1455: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
  Show Answer
  The correct answer is A .
• Question 1456:

  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 1457: In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is? Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 1458: The current industrial development strategy in Nigeria is aimed at encouraging Options:
  A) small-scale industries
  B) medim-scale industries
  C) small-and medium-scale industries
  D) medium-and large-scale industries
  Show Answer
  The correct answer is C .
• Question 1459:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 1460: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .