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 2181:

  The production cost that varies inversely with output is the

  Options:
  A) total fixed cost
  B) marginal cost
  C) average fixed cost
  D) average cost
  Show Answer
  The correct answer is D .
• Question 2182: The slow pace of industrial growth in Nigeria can be attributed to__________? Options:
  A) lack of raw materials
  B) lack of market for produce
  C) inadequate skilled labour
  D) over-dependence on the oil sector
  Show Answer
  The correct answer is D .
• Question 2183:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2184: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
  Show Answer
  The correct answer is B .
• Question 2185: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he Options:
  A) stops consuming more of the commodity
  B) reduces the quantity consumed
  C) increases the quantity consumed
  D) consumes more of another commodity
  Show Answer
  The correct answer is C .
• Question 2186: Which of the following is NOT a source of government revenue? Options:
  A) Grants, aids and borrowing
  B) Taxes, fees, licenses and fines
  C) Interest, dividends, profits and earnings
  D) personal income, disposable income and transfer earnings
  Show Answer
  The correct answer is D .
• Question 2187: When a firm is reaping economies of large-scale production, it experiences a fall in its? Options:
  A) long-run marginal cost
  B) long-run average cost
  C) long-run total cost
  D) short-run marginal cost
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  The correct answer is B .
• Question 2188: If total Income is N15m and total consumption Is N3m. then the average propensity to consume is Options:
  A) 0.2
  B) 0.6
  C) 0.7
  D) 5
  E) 10
  Show Answer
  The correct answer is A .
• Question 2189: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 2190: The basic aim of Economic Community of West African States is the Options:
  A) discouragement of trade among member states
  B) encouragement of revolts against former colonial masters
  C) establishment of its headquarters in each members state
  D) liberalization of trade among member states
  Show Answer
  The correct answer is D .