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 2171: 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 2172: Every economy requires an accurate census because it assist in? Options:
  A) solving inflation problem
  B) providing a sound framework for policy formulation
  C) stimulating economic activities in the national economy
  D) solving unemployment problem
  Show Answer
  The correct answer is B .
• Question 2173: What is meant by labour supply? Options:
  A) Number of people in working population
  B) Number of men and hours they work
  C) Number of hours during which the middle aged persons work
  D) Number of workforce multiplied by the hours they work
  Show Answer
  The correct answer is A .
• Question 2174: Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 Options:
  A) 50litres
  B) 32.5litres
  C) 30litres
  D) 35litres
  Show Answer
  The correct answer is B .
• Question 2175: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 2176: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
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  The correct answer is A .
• Question 2177: In national income accounting, aggregate saving in any year is defined as? Options:
  A) all disposable income not spent on consumption
  B) all savings deposits in all banks during the year
  C) all savings and time deposits in all banks during the year
  D) the value of inventory change for the year
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  The correct answer is A .
• Question 2178:

  If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  Options:
  A) Progressive
  B) Proportional
  C) Indirect
  D) Regressive
  Show Answer
  The correct answer is D .
• Question 2179:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 2180: The labour force of a country is determined by the Options:
  A) age structure of the population
  B) geographical distribution of the population
  C) sex distribution of the population
  D) number of people available for work
  Show Answer
  The correct answer is A .