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 1491: Total revenue is always equal to? Options:
  A) marginal revenue multiplied by the quantity sold
  B) average revenue plus marginal revenue
  C) marginal revenue multiplied by marginal cost
  D) average revenue multiplied by the quantity sold
  Show Answer
  The correct answer is D .
• Question 1492: The system of measurement of national income as the sum of all final demands is called? Options:
  A) income approach
  B) expenditure approach
  C) value-added
  D) final demands approach
  Show Answer
  The correct answer is B .
• Question 1493:

  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 1494: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
  Show Answer
  The correct answer is A .
• Question 1495: The basic economic problems of the society include? Options:
  A) what to produce, how and for whom
  B) how to produce and sell
  C) scarcity, when to produce and how
  D) scarcity, for whom to produce and where
  Show Answer
  The correct answer is A .
• Question 1496: Unemployment resulting from physical or mental deficiency is known as……………unemployment. Options:
  A) cyclical
  B) disguised
  C) Frictional
  D) residual
  E) Voluntary
  Show Answer
  The correct answer is D .
• Question 1497:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1498: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 1499: In the long run, all production factors are? Options:
  A) fixed
  B) semi fixed
  C) variable
  D) semi-variable
  Show Answer
  The correct answer is C .
• Question 1500: The type of business finance that entitles the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture
  D) bank loan
  Show Answer
  The correct answer is C .