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 1781: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 1782: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .
• Question 1783: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 1784:

  The shape of the production possibility frontier is determined by the_________

  Options:
  A) law of returns to scale
  B) law of diminishing returns
  C) factors of productions
  D) technology
  Show Answer
  The correct answer is B .
• Question 1785: The capital market provides business firms with the avenue to Options:
  A) lease capital equipment
  B) obtain long-term funds
  C) obtain short-term funds
  D) purchase capital equipment
  Show Answer
  The correct answer is B .
• Question 1786:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 1787:

  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 1788:

  Petroleum 'glut' in international trade means______

  Options:
  A) Higher prices for the Consumption of petroleum.
  B) An Oversupply of petroleum.
  C) A fall in in petroleum production.
  D) A higher petroleum price offered by the buyer.
  Show Answer
  The correct answer is B .
• Question 1789: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 1790: The long-run average cost curve touches to the short-run average cost curves at the Options:
  A) minimum points of all short run average cost curves
  B) declining points of all short-run average cost curves
  C) minimum point of only one of the short-run cost curves
  D) rising points of all short-run average cost curves
  Show Answer
  The correct answer is D .