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 2111: The producer in a perfectly competitive market is faced with a demand curve whose elasticity is? Options:
  A) unitary
  B) greater than one
  C) infinite
  D) less than one
  Show Answer
  The correct answer is C .
• Question 2112: In national income accounting, NNP is derived by subtracting from the GNP? Options:
  A) transfer payments
  B) indirect taxes
  C) allowance for wastage
  D) capital consumption
  Show Answer
  The correct answer is D .
• Question 2113:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .
• Question 2114:

  

  The curve labeled III illustrate a system of taxation

  Options:
  A) regressive tax
  B) progressive tax
  C) value added tax
  D) proportional tax
  Show Answer
  The correct answer is A .
• Question 2115: The main objectives of public expenditure does NOT include? Options:
  A) stabilization of national economy
  B) achievement of a more equitable income distribution
  C) meeting the social needs of the people
  D) revenue sharing and profit maximizationn
  Show Answer
  The correct answer is D .
• Question 2116: A limited liability company is owned by? Options:
  A) an individual
  B) two or more partners
  C) shareholders
  D) government
  E) a bank
  Show Answer
  The correct answer is C .
• Question 2117: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
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  The correct answer is D .
• Question 2118: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 2119: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 2120: If high unemployment goes hand in hand with rising prices, the situation created is? Options:
  A) hyperinflation
  B) stagflation
  C) moderate inflation
  D) galloping inflation
  Show Answer
  The correct answer is B .