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 1821: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
  Show Answer
  The correct answer is B .
• Question 1822:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1823: The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes? Options:
  A) a fixed cost
  B) an implicit cost
  C) a variable cost
  D) a prime cost
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  The correct answer is B .
• Question 1824: The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, Options:
  A) each successive unit of the variable factor brings about a decreasing marginal product
  B) each successive unit of the variable factor bring about equal increase in marginal product
  C) each successive unit of the variable factor bring about an increasing marginal product
  D) each successive unit of the variable factor bring about four time increase in marginal product
  E) each successive unit of the variable factor bring about more than equal increase in marginal product
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  The correct answer is B .
• Question 1825: Which of the following is a liability of a commercial bank? Options:
  A) Deposits in bank
  B) loans made by the bank to individuals
  C) loans made by the bank to other banks
  D) Bonds purchased by the bank
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  The correct answer is A .
• Question 1826: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
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  The correct answer is D .
• Question 1827: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
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  The correct answer is A .
• Question 1828: Opportunity cost is best defined as? Options:
  A) the penalty for not seizing golden opportunities
  B) sacrificed alternative (output, income etc.)
  C) the cost of creating job opportunities
  D) payment made to an industrial worker
  E) the difference between fixed and variable costs
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  The correct answer is B .
• Question 1829:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1830: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .