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 1891:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 1892:

  An exceptional demand curve can result from

  Options:
  A) increase in price of raw materials
  B) increase in the size of the population
  C) expectation of future price increase
  D) change in taste of consumer
  Show Answer
  The correct answer is C .
• Question 1893: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 1894:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 1895: Industries for consumer goods are concentrated in urban centers as a result of Options:
  A) large market
  B) power supply
  C) government policy
  D) weather conditions
  Show Answer
  The correct answer is A .
• Question 1896: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is B .
• Question 1897: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1898:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 1899: The number of shareholders in a private limited liability company ranges from Options:
  A) two to seven
  B) two to three
  C) two to fifty
  D) two to twenty
  Show Answer
  The correct answer is C .
• Question 1900: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .