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: Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is Options:
  A) Direct
  B) Progressive
  C) Regressive
  D) Proportional
  Show Answer
  The correct answer is B .
• Question 2172: Which of these would not be included in the fundamental principle of a free enterprise economy Options:
  A) Private ownership of factors of production
  B) The right to organize factor for production purposes
  C) The right to make private profit
  D) Government control of mobility of factor of production
  E) Government effort to encourage competitive capitalism within the law of the country
  Show Answer
  The correct answer is D .
• Question 2173: A rising short-run average cost is a result of Options:
  A) economies of scale
  B) falling marginal costs
  C) diminishing returns
  D) rising fixed costs
  Show Answer
  The correct answer is C .
• Question 2174:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 2175:

  $\begin{array}{ccc}\text{Out put produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  At 60 units of output, the AVC is

  Options:
  A) ₦2.50
  B) ₦1.50
  C) ₦90.00
  D) ₦150.00
  Show Answer
  The correct answer is B .
• Question 2176: When a nation is experiencing balance of payment surplus, it is in a better position to? Options:
  A) increase its foreign exchange reserves
  B) increase its liabilities to foreigners
  C) reduce its foreign exchange reserves
  D) devalue its national currency
  Show Answer
  The correct answer is A .
• Question 2177: The law of diminishing marginal utility explains why Options:
  A) the slope of a normal demand curve is negative
  B) an abnormal demand curve slopes upwards
  C) the slope of a normal demand curve is positive
  D) the consumption of inferior goods increases with income
  Show Answer
  The correct answer is A .
• Question 2178: A tax is defined as regressive if? Options:
  A) the proportion of income paid as tax increase as the income level increases
  B) all income group pay the same percentage of their income as tax
  C) the proportion if income taen by the tax falls as income increases
  D) the proportion of income taken by the tax is a fixed nominal amount of income for all income groups
  Show Answer
  The correct answer is C .
• Question 2179: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
  Show Answer
  The correct answer is B .
• Question 2180: The reduction of high fertility rate is a measure in population control designed to make the? Options:
  A) female population higher than the male
  B) female and male population equal
  C) male population higher than the female
  D) growth in population more sustainable
  Show Answer
  The correct answer is D .