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 1931: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1932: In Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 1933: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 1934: If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be Options:
  A) a monopolistic competitor as it can have a limited influence on price
  B) a monopolist as it can have a great influence on price
  C) a perfect competitor as it cannot influence the market price
  D) an oligopolist as it can collude with other firms to have some influence on price
  Show Answer
  The correct answer is B .
• Question 1935: The most popularly adopted industrialization strategy in West Africa is? Options:
  A) import substitution
  B) export promotion
  C) ports development
  D) infant industries protection
  Show Answer
  The correct answer is A .
• Question 1936:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1937: Progressive tax structure is designed to? Options:
  A) take more from the income of the poor
  B) take more from income of the rich
  C) take equal proportion of income from both the rich and the poor
  D) reduce the problems emanating from tax imposition
  Show Answer
  The correct answer is B .
• Question 1938: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 1939: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 1940: An economy is described as spend-rift if it Options:
  A) does not concern itself with savings and investment
  B) has a great ability to generate foreign exchange from investment
  C) has greater opportunity to receive large income from investment
  D) invests in income generating industries
  E) has trade connection with other countries
  Show Answer
  The correct answer is A .