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 2151: When elasticity is zero, the demand curve is Options:
  A) Perfectly elastic
  B) Perfectly inelastic
  C) Concave
  D) Downward slopping
  E) Circular
  Show Answer
  The correct answer is B .
• Question 2152: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 2153: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 2154:

  The use of legally permissible means to reduce tax liabilities is known as tax?

  Options:
  A) evasion
  B) avoidance
  C) relief
  D) exemption
  Show Answer
  The correct answer is C .
• Question 2155: For a supply curve, an increase in the price of a commodity will result in? Options:
  A) a decrease in supply
  B) a decrease in the quantity supplied
  C) an increase in supply
  D) an increase in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 2156: A significant effect of the growth of the oil sector in Nigeria has been to? Options:
  A) increase the rate of unemployment
  B) diminish the percentage contribution of the agricultural sector to GNP
  C) slow down the pace of industrialization
  D) retard the rate of economic growth
  Show Answer
  The correct answer is B .
• Question 2157: The price mechanism Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 2158: Function of commercial banks do NOT include? Options:
  A) lending with interest charges
  B) carrying out transactions on behalf of customers
  C) expansion of money supply
  D) keeping of security document s for customers
  E) printing of currency
  Show Answer
  The correct answer is E .
• Question 2159: In a planned economy, what shall be produced is determined primarily by? Options:
  A) what the consumer wants
  B) government decisions
  C) price mechanism
  D) the pattern of consumer spending
  Show Answer
  The correct answer is B .
• Question 2160: The greatest proportion of government revenue in Nigeria comes from? Options:
  A) export of raw materials
  B) income taxes on individuals and business
  C) custom duties and excise duties
  D) loans and grants from industrially advanced countries
  Show Answer
  The correct answer is C .