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 1671:

  The demand curve for goods of ostentation is usually

  Options:
  A) negatively sloped
  B) positively sloped
  C) vertical
  D) horizontal
  Show Answer
  The correct answer is B .
• Question 1672: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 1673: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
  Show Answer
  The correct answer is D .
• Question 1674:

  

  In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

  Options:
  A) 23 and 20
  B) 22 and 19
  C) 14 and 19
  D) 11 and 20
  Show Answer
  The correct answer is B .
• Question 1675: Which of the following statement is TRUE of the effect of changes in demand and supply on price? Options:
  A) A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  B) An increase in demand will lead to a fall in price and quantity bought and sold
  C) A decrease in demand will lead to a rise in price and in the quantity bought and sold
  D) An increase in supply will lead to a fall price and a rise in the quantity bought and sold
  Show Answer
  The correct answer is D .
• Question 1676: A tax that increases at a higher percentage as income increase is called? Options:
  A) a proportion tax
  B) a regressive tax
  C) a progressive tax
  D) an income tax
  Show Answer
  The correct answer is C .
• Question 1677: Which sector can you say is growing fastest in the Nigeria economy? Options:
  A) Agriculture
  B) Industry
  C) Education
  D) Transport
  E) Labour
  Show Answer
  The correct answer is C .
• Question 1678: Scale of preference refers to? Options:
  A) consumers preference for luxury goods
  B) the household monthly income
  C) list of goods and servicesin order of priority
  D) budget perparation without paying due regard to priority
  Show Answer
  The correct answer is C .
• Question 1679: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 1680:

  There is unemployment of resources when production is

  Options:
  A) within the production possibility curve
  B) outside the production possibility curve
  C) along the production possibility curve
  D) adequate to meet market demand
  Show Answer
  The correct answer is A .