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 2161:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .
• Question 2162:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 2163: If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is? Options:
  A) less than one
  B) equal to one
  C) greater than one
  D) equal to zero
  Show Answer
  The correct answer is C .
• Question 2164: Development outside a given firm which reduce the firm costs are called? Options:
  A) internal economies
  B) external economies
  C) external diseconomies
  D) optimum effects
  Show Answer
  The correct answer is B .
• Question 2165: Which of the following will NOT be a barrier to international trade? Options:
  A) Communication hindrances
  B) Easy conversion of currencies
  C) Geographical locations
  D) Ideological differences
  E) Imposition of duties and quotas
  Show Answer
  The correct answer is B .
• Question 2166: The coefficient of the price elasticity of supplyis always Options:
  A) positive
  B) negative
  C) constant
  D) zero
  Show Answer
  The correct answer is A .
• Question 2167: The best index for international comparison of standards of living is the? Options:
  A) gross national product
  B) net national income
  C) per capita income
  D) gross national income
  Show Answer
  The correct answer is C .
• Question 2168: The law of variable proportions is also known as Options:
  A) law of demand
  B) law of diminishing returns
  C) law of diminishing marginal utility
  D) law of returns to scale
  Show Answer
  The correct answer is B .
• Question 2169: Which of the following is NOT a type of business ownership? Options:
  A) Debenture holding
  B) private company
  C) Parnership
  D) Joint Stock venture
  Show Answer
  The correct answer is A .
• Question 2170: A Tax which takes a higher percentage from higher incomes is called? Options:
  A) a regressive tax
  B) a progressive tax
  C) a proportional tax
  D) an indirect tax
  E) a direct tax
  Show Answer
  The correct answer is B .