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 2141:

  The relationship between the tax rate and income which is relevant to 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 2142: Warehousing facilities in the distribution and marketing of products are provided by? Options:
  A) manufacturers
  B) wholesalers
  C) retailers
  D) consumers
  E) sellers
  Show Answer
  The correct answer is B .
• Question 2143: At the point of profit maximization by a firm, marginal cost is? Options:
  A) minimum
  B) falling
  C) constant
  D) rising
  Show Answer
  The correct answer is D .
• Question 2144: Which of the following is not an indirect tax? Options:
  A) excise duty
  B) company tax
  C) import duty
  D) export duty
  E) sales tax
  Show Answer
  The correct answer is B .
• Question 2145: Differentiated product is the characteristic feature of? Options:
  A) perfect competition
  B) pure competition
  C) monopolistic competition
  D) monopoly
  E) oligopoly
  Show Answer
  The correct answer is C .
• Question 2146: Petro-chemical industries are located in the Rivers State of Nigeria because of ________? Options:
  A) favourable soil
  B) coal deposit
  C) crude oil deposit
  D) favourable climate
  Show Answer
  The correct answer is C .
• Question 2147:

  In a two by two model of international trade, it is assumed that

  Options:
  A) both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
  B) both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
  C) neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
  D) both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
  Show Answer
  The correct answer is B .
• Question 2148:

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .
• Question 2149: In a centrally planned economy, the economic problem of deciding what to produce is dependent on? Options:
  A) average profit
  B) state command
  C) average cost
  D) relative prices
  Show Answer
  The correct answer is C .
• Question 2150:

  

  The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

  Options:
  A) Q₃
  B) Q₄
  C) Q₁
  D) Q₂
  Show Answer
  The correct answer is A .