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 1961: 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 1962: An example of a regressive tax is? Options:
  A) the personal income tax
  B) the graduated corporation income tax
  C) a general sales tax
  D) the inheritance tax
  E) the excise tax
  Show Answer
  The correct answer is C .
• Question 1963: Efficiency of labour is enhanced by? Options:
  A) Average Total Cost less the sum of Varriable Cost
  B) half the sum of all costs
  C) Total Fixed Cost divided by the the level of output
  D) Total Fixed Cost plus Marginal Cost
  Show Answer
  The correct answer is C .
• Question 1964: Which of the following is a direct tax? Options:
  A) Sales tax
  B) Purchase tax
  C) Export duties
  D) property tax
  Show Answer
  The correct answer is D .
• Question 1965:

  The short run can be defined as the period of time during which

  Options:
  A) All inputs are fixed
  B) At least one of the firm's input is fixed
  C) At least two inputs are fixed
  D) All inputs are variable
  Show Answer
  The correct answer is B .
• Question 1966:

  $$\begin{array}{|cccccccc|}\hline \text{Q (ton)}& 400& 500& 600& 700& 800& 900& 1000\\ \text{TC (N)}& 16000& 18000& 19800& 21000& 24000& 31500& 40000\\ \text{TR (N)}& 20000& 22500& 24000& 24500& 25000& 18000& 15000\\ \hline\end{array}$$

  The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

  Options:
  A) 400
  B) 500
  C) 600
  D) 700
  Show Answer
  The correct answer is B .
• Question 1967: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 1968: A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade? Options:
  A) 20%
  B) 71%
  C) 120%
  D) 140%
  Show Answer
  The correct answer is D .
• Question 1969:

  If commodities X and Y are substitute, their cross elasticity of demand will be

  Options:
  A) One
  B) positive
  C) negative
  D) zero
  Show Answer
  The correct answer is B .
• Question 1970: An account from which allocations are made to the three tier of government in Nigeria is called the? Options:
  A) National Income Account
  B) Public Sector
  C) Federation account
  D) National Revenue Mobilization Account
  Show Answer
  The correct answer is C .