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 1751: If the price of a commodity with elastic demand increases, the revenue accruing to the producer will Options:
  A) double
  B) increase
  C) be constant
  D) decrease
  Show Answer
  The correct answer is D .
• Question 1752: The choice of what to produce in a command economy is determined by Options:
  A) industrial establishments
  B) labour unions
  C) the government and labour unions
  D) the central government
  Show Answer
  The correct answer is D .
• Question 1753: The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions Options:
  A) there are restrictions in trade
  B) there are no cost of transportations
  C) ther is perfect competition
  D) there are no tariff or import and export quota
  E) there are only two countries and only two commodities entering into international trade
  Show Answer
  The correct answer is A .
• Question 1754: The National Electric Power Authority (NEPA) is a? Options:
  A) Public limited company
  B) Public liability company
  C) Private authority
  D) Public corporation
  E) Federal government authority
  Show Answer
  The correct answer is D .
• Question 1755:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1756: which of these alternative is wrong? central banks are Options:
  A) bankers to the government
  B) bankers to commercial banks
  C) merchant banks
  D) controllers and regulators of money supply
  E) issuers of bank note
  Show Answer
  The correct answer is C .
• Question 1757:

  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 1758: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 1759:

  

  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 1760: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .