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 181:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the mean?

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 27.2
  Show Answer
  The correct answer is B .
• Question 182: An ad valorem tax means Options:
  A) total amount of an income tax
  B) a certain percentage on the value of a commodity
  C) a certain percentage tax on the volume of commodity
  D) a tax on capital gain
  E) a profit tax
  Show Answer
  The correct answer is B .
• Question 183: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
  Show Answer
  The correct answer is A .
• Question 184: As the level of output increases, the average fixed cost of a firm will Options:
  A) continue to decrease
  B) remain unchanged
  C) continue to increase
  D) be equal to the total cost
  Show Answer
  The correct answer is A .
• Question 185:

  Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?

  Options:
  A) Marginal propensity to save has fallen
  B) Actual investment had fallen
  C) Average propensity to invest has fallen
  D) Actual saving has fallen
  Show Answer
  The correct answer is A .
• Question 186: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 187:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 188:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 189: If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is Options:
  A) elastic
  B) perfectliy inelastic
  C) inelastic
  D) perfect elastic
  Show Answer
  The correct answer is C .
• Question 190: Improved labour efficiency can be measured by? Options:
  A) an increase in output-input ratio
  B) an decrease in output-input ratio
  C) the constancy of input-output ratio
  D) an increase in input-output ratio
  Show Answer
  The correct answer is A .