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: Which of the following source of income is spectacular only to Government ? Options:
  A) Payment from business transfer
  B) Bonuses
  C) Tax
  D) Wages
  Show Answer
  The correct answer is C .
• Question 182:

  

  The marginal product X is

  Options:
  A) 18
  B) 20
  C) 24
  D) 25
  Show Answer
  The correct answer is C .
• Question 183:

  In perfectly elastic supply, the supply curve

  Options:
  A) is vertical
  B) is horizontal
  C) slopes upward
  D) slopes downward
  Show Answer
  The correct answer is B .
• Question 184: The circular flow of income defines the? Options:
  A) relationship between ends and means in the economic system
  B) allocation of income to various members of the household
  C) flow of goods, srvices amd money among the various macro-sectors of the economy
  D) micro-economic relationships in economic analysis
  Show Answer
  The correct answer is C .
• Question 185: A business organization set up for the mutual benefits of member with similar interest is known as Options:
  A) cooperative society
  B) partnership
  C) private limited company
  D) public corporation
  E) public limited company
  Show Answer
  The correct answer is A .
• Question 186:

  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 187: Demand for a commodity by a consumer is the quantity of that commodity that the consumer Options:
  A) demands at a given price at a point in time
  B) demand at a given price
  C) actually digests
  D) produces, given its price
  E) can store away during bnad weather
  Show Answer
  The correct answer is A .
• Question 188: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
  Show Answer
  The correct answer is A .
• Question 189: Points outside the production possibility curves shows Options:
  A) unequal allocation of resources among factors
  B) capital production level
  C) under utilization of resources
  D) unattainable production level
  E) effective consummation of resources
  Show Answer
  The correct answer is D .
• Question 190: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .