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 1871:

  Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.

  Determine the range?

  Options:
  A) 0.25
  B) 10.00
  C) 1.55
  D) 9.95
  Show Answer
  The correct answer is D .
• Question 1872: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
  Show Answer
  The correct answer is C .
• Question 1873: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .
• Question 1874: In estimating the national income of a country, the three approaches usually adopted are the? Options:
  A) expenditure, value-added and output
  B) income, final product and output
  C) expenditure,income and output
  D) avoiding of double counting, final expenditure and value added
  Show Answer
  The correct answer is C .
• Question 1875: Which of the following enterprises does NOT pursue the sole objective of profit maximization? Options:
  A) Roads of Nigeria Ltd
  B) Union Bank of Nigeria Ltd
  C) Nigeria Electric Power Authority
  D) Volkswagen (VW) Nigeria Ltd
  E) Kingsway Nigeria Ltd
  Show Answer
  The correct answer is C .
• Question 1876: 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 1877: The multiplier is defined as Options:
  A) The ratio of the change in income to the change in investment
  B) The change in investment divided by the change in income
  C) $\frac{1}{MPC}$
  D) $\frac{1}{1-\text{MPS}}$
  Show Answer
  The correct answer is A .
• Question 1878: By terms of trade, we mean the? Options:
  A) ratio of exports and imports
  B) differences between exports and imports
  C) differences between current account and capital account
  D) index of export prices to import prices expressed as a percentage
  E) ratio of short-term capital movements to long-term capital movements
  Show Answer
  The correct answer is D .
• Question 1879:

  Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

  Options:
  A) 70
  B) 47
  C) 74
  D) 40
  Show Answer
  The correct answer is C .
• Question 1880: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .