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 1761: A company's expenditure on raw materials is termed as_______? Options:
  A) Prime cost
  B) Explicit cost
  C) Average cost
  D) Implicit cost
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  The correct answer is B .
• Question 1762: Inflation is likely to benefit? Options:
  A) persons with bank savings
  B) persons employed in financial houses
  C) debtors
  D) persons who lived on fixed pension funds
  E) creditors
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  The correct answer is C .
• Question 1763: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
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  The correct answer is C .
• Question 1764: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
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  The correct answer is C .
• Question 1765: A greater burden of the taxes on essential goods is borne by the? Options:
  A) middle income group
  B) higher income group
  C) lower income group
  D) people falling between the middle and higher income groups
  E) top few richest people of the country
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  The correct answer is C .
• Question 1766: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
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  The correct answer is E .
• Question 1767: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
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  The correct answer is B .
• Question 1768: Consumer surplus tends to be higher when demand is Options:
  A) inelastic
  B) perfectly elastic
  C) elastic
  D) unitarily elastic
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  The correct answer is C .
• Question 1769: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
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  The correct answer is B .
• Question 1770: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age? Options:
  A) money is regarded as a medium of exchange
  B) measure for value
  C) unit of account
  D) store of value
  E) standard for deferred payments
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  The correct answer is D .