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 2121: The hoarding of goods is usually experienced when Options:
  A) supply is greater than demand
  B) the market price above the equilibrium price
  C) demand is greater than supply
  D) excess demand is greater than excess supply
  Show Answer
  The correct answer is C .
• Question 2122:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 2123: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 2124: In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT? Options:
  A) imposing import bans on some commodity
  B) imposing import duties
  C) drawing down on external reserves
  D) purchasing foreign exchanges from foreign countries
  E) devaluation of the currency
  Show Answer
  The correct answer is D .
• Question 2125:

  A supply curve slopes upwards from the left to the right indicating__________

  Options:
  A) a negative slope
  B) a positive slope
  C) a backward sloping supply curve
  D) short-run supply curve
  Show Answer
  The correct answer is B .
• Question 2126: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 2127: The law of demand can be expressed as Options:
  A) P = f(Q _d)
  B) Q _d = f($\frac{1}{p}$
  C) P = f($\frac{1}{Q_d}$
  D) Qd = f(P)
  Show Answer
  The correct answer is B .
• Question 2128: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 2129:

  The rate of output per worker (or group of workers) per unit time is called

  Options:
  A) labour productivity
  B) total output
  C) individual output
  D) workdone
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  The correct answer is C .
• Question 2130: A disadvantage of a joint-stock company is? Options:
  A) unlimited liability
  B) limited liability
  C) continuity
  D) loss of controlling interest
  Show Answer
  The correct answer is D .