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 1581:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .
• Question 1582: if $\overline{x}$ = 6 and N = 6, determine the value of ∑fx Options:
  A) 36
  B) 12
  C) 1
  D) 72
  Show Answer
  The correct answer is A .
• Question 1583: The downward sloping part of the long-run average cost curve of a firm may be attributable to? Options:
  A) diminishing returns
  B) the law of variable proportions
  C) diseconomies of scale
  D) increasing returns to scale
  Show Answer
  The correct answer is D .
• Question 1584: If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in Options:
  A) government expenditure
  B) savings
  C) interest rates
  D) exchange rates
  Show Answer
  The correct answer is D .
• Question 1585:

  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 .
• Question 1586: Which of the following is NOT a visible item on international trade payment? Options:
  A) Payment for imported cars
  B) Receipt from cocoa exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payment for petroleum imports
  Show Answer
  The correct answer is C .
• Question 1587:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1588:

  

  Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

  Options:
  A) D_o and S_o; D_o and S₂
  B) D₁ and S₂; D₂ and S_o
  C) D₂ and S₁; D₂ and S₂
  D) D₂ and S_o; D_o and S₂
  Show Answer
  The correct answer is C .
• Question 1589: Plywood industries are often located near the source of? Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 1590: A comprehensive statement of Income and expenditure on international accounts for one financial year is called Options:
  A) balance of payments
  B) balance of trade
  C) budget
  D) Index of trade
  E) terms of trade
  Show Answer
  The correct answer is A .