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 2061: The theory of income determination is traced to Options:
  A) Rev Thomas Mathus
  B) Lord John Mynard Keynes
  C) Prof Adam Smith
  D) R G Lipsey
  E) Prof Umar SI
  Show Answer
  The correct answer is B .
• Question 2062: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
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  The correct answer is B .
• Question 2063: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
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  The correct answer is C .
• Question 2064: Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is Options:
  A) elastic in both markets
  B) uniltary elastic in both market
  C) inelastic in both markets
  D) elastic in one market and inelastic in the other
  E) unitary elastic in none of the markets
  Show Answer
  The correct answer is D .
• Question 2065: Which of the following is an indicator of economic growth? Options:
  A) High tax rate
  B) Technology development
  C) High gross domestic product
  D) High interest rate
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  The correct answer is B .
• Question 2066:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 2067: A sustained increase in the per capita income of a country over a period of time is called? Options:
  A) economic growth
  B) economic development
  C) structural change
  D) stagflation
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  The correct answer is A .
• Question 2068: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
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  The correct answer is C .
• Question 2069:

  Most of the National debts is "dead weight" in the sense that is____

  Options:
  A) bound to increase from year to year
  B) accumulated as the result of past capital investment
  C) the responsibility of the treasury
  D) not covered by any real asset
  Show Answer
  The correct answer is D .
• Question 2070: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in Options:
  A) Paris, France
  B) Geneva, Switzerland
  C) Lagos, Nigeria
  D) Vienna, Austria
  Show Answer
  The correct answer is D .