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 2041: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
  Show Answer
  The correct answer is B .
• Question 2042: 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 2043: One of the functions of commercial banks is Options:
  A) maintaining stable price in the economy
  B) regulating monetary policies
  C) granting loans to customers
  D) issuing bank notes and coins
  Show Answer
  The correct answer is C .
• Question 2044: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
  Show Answer
  The correct answer is A .
• Question 2045: Average total cost can be expressed as Options:
  A) average fixed cost plus average variable cost
  B) change in total cost divided by change in output
  C) total fixed cost divided by total output
  D) total fixed cost plus total variable cost
  E) total variable cost divided by total output
  Show Answer
  The correct answer is A .
• Question 2046:

  The transfer of public share holding in corporations to private enterprise is___________?

  Options:
  A) Incorporation
  B) Concession
  C) Privatization
  D) Commercialization
  Show Answer
  The correct answer is C .
• Question 2047:

  

  The movement of curve I to ll suggests

  Options:
  A) an improvement in capital goods technology but not in consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is A .
• Question 2048:

  

  The relationship between tax rate and income which is relevant to a progressive tax is shown by

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 2049: Which of the following is NOT an objective of Economic planning? Options:
  A) Achieving economic self reliance
  B) Achieving economic growth
  C) Creating employment
  D) Equitable allocation of resources
  E) Widening the income gap
  Show Answer
  The correct answer is E .
• Question 2050: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .