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 1901: Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs? Options:
  A) 20
  B) 15
  C) 50
  D) 30
  Show Answer
  The correct answer is A .
• Question 1902: Given that TC = TFC + TVC and TR = AR x Q, profit is equal to Options:
  A) (AR + Q) - TFC
  B) $\frac{\text{(TFC + TVC)}}{Q}$
  C) (AR x Q) - TC
  D) $\frac{\text{(TC x Q)}}{AR}$
  Show Answer
  The correct answer is C .
• Question 1903:

  

  What is the equilibrium quantity?

  Options:
  A) 50
  B) 250
  C) 350
  D) 450
  Show Answer
  The correct answer is B .
• Question 1904:

  Which of the following matters may account for changes in demand?

   

  I - changes in consumer preferences

  II - changes in real income

  III - changes in distribution of incomes

  IV - changes in levels of taxation

   

   

  Options:
  A) I, II
  B) II, III
  C) I, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 1905: Which of the following combinations is a veritable set of development indicators? Options:
  A) Growth of governemnt expenditure and imports
  B) Growth of population and national income
  C) High fertility, literacy and school enrolment rates
  D) Low infant mortality and high per capital income and literacy rates
  Show Answer
  The correct answer is D .
• Question 1906: Commercial banks can create money in the following ways? Options:
  A) by using coins and paper money
  B) by borrowing money from banks abroad
  C) by receiving deposit from individuals
  D) by printing money on the instruction of the central bank
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 1907: The major role of multi-national companies in the petroleum industry in Nigeria is Options:
  A) the establishment of refineries
  B) oil marketing and prospecting
  C) oil marketing only
  D) oil prospecting only
  Show Answer
  The correct answer is B .
• Question 1908: The National Electric Power Authority (NEPA) is a? Options:
  A) Public limited company
  B) Public liability company
  C) Private authority
  D) Public corporation
  E) Federal government authority
  Show Answer
  The correct answer is D .
• Question 1909:

  The PAYE ( Pay As You Earn) in Nigeria is an example of ______

  Options:
  A) Flat rate Tax
  B) Community tax
  C) Regressive tax
  D) Progressive tax
  Show Answer
  The correct answer is D .
• Question 1910: Firms embark on vertical integration in other to Options:
  A) take over markets formally controlled by other firms
  B) prevent other firms from entering the market
  C) reduce advertisement and management cost
  D) enjoy economies of large-scale production
  Show Answer
  The correct answer is D .