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: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 2152: A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after? Options:
  A) 6 months
  B) 9 mnths
  C) 2 years
  D) 5 years
  E) 10 or more years
  Show Answer
  The correct answer is E .
• Question 2153: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 2154:

  

  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 2155:

  One of the major criticism of the 1962 -1968 National Development Plan was that?

  Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's independence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foregn-sourced financial resources
  Show Answer
  The correct answer is A .
• Question 2156: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
  Show Answer
  The correct answer is D .
• Question 2157: Division of labour is limited by? Options:
  A) the size of market
  B) the productivity of capital
  C) cost of production
  D) the factors of production
  E) government policy
  Show Answer
  The correct answer is A .
• Question 2158: Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks? Options:
  A) Open market operation
  B) Reserve requirements
  C) Bank rate
  D) Directives
  E) Special deposits
  Show Answer
  The correct answer is B .
• Question 2159:

  

  In the figure above, the broken line labelled M is the marginal revenue curve of a

  Options:
  A) Monopoly
  B) Competitive firm
  C) State corporation
  D) Partnership
  E) Monopsony
  Show Answer
  The correct answer is A .
• Question 2160: Which of the following is an indirect tax? Options:
  A) Poll tax
  B) personal income tax
  C) Company tax
  D) excise duties
  Show Answer
  The correct answer is D .