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 1791: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control? Options:
  A) Excess supply
  B) Favouritism
  C) Bribery and corruption
  D) Bllack marketing
  E) Hoarding
  Show Answer
  The correct answer is A .
• Question 1792: A long-term capital outflow is recorded in the balance of payment as a Options:
  A) credit on the capital account
  B) credit on the current account
  C) debit on the current account
  D) debit on the capital account
  Show Answer
  The correct answer is D .
• Question 1793:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 1794:

  

  In the diagram below, the curve which represents firm's short-run averagevariable cost is curve

  Options:
  A) l
  B) ll
  C) lll
  D) IV
  Show Answer
  The correct answer is C .
• Question 1795:

  

  The supply curve above is

  Options:
  A) Fairly inelastic
  B) Perfectly inelastic
  C) Unitary elastic
  D) Perfectly elastic
  Show Answer
  The correct answer is C .
• Question 1796: Double counting is a problem in computing national income when using the Options:
  A) expenditure method
  B) income method
  C) output method
  D) value-added method
  Show Answer
  The correct answer is D .
• Question 1797:

  One of the major criticism of the 1962 -1968 National Development Plan was that?

  Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's independence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foregn-sourced financial resources
  Show Answer
  The correct answer is A .
• Question 1798: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 1799:

  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 .
• Question 1800: As a producer' association, the OPEC expects its members to maintain production where marginal cost is? Options:
  A) greater than price
  B) less than price
  C) equal to price
  D) equal to average cost
  Show Answer
  The correct answer is B .