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: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
  Show Answer
  The correct answer is E .
• Question 2182: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .
• Question 2183: Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of? Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .
• Question 2184: Disposable income is an income which? Options:
  A) is available for consumption and savings
  B) pensioners receive from the government
  C) is payable to the disable members of the community
  D) accures to the environmental sanitation authorites for refuse disposal
  Show Answer
  The correct answer is A .
• Question 2185: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 2186:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .
• Question 2187:

  When a member's currency is declared "scarce", it is the duty of the IMF to______

  Options:
  A) suspend the member state indefinitely
  B) ban all exports from that state
  C) suspend dealings in that currency for one year
  D) ration it among the countries demanding it
  Show Answer
  The correct answer is D .
• Question 2188: The tax levied on goods and services at each stage of production is Options:
  A) surtax
  B) VAT
  C) ad valorem tax
  D) PAYE
  Show Answer
  The correct answer is B .
• Question 2189: In Nigeria, the location of a steel industry at Ajaokuta is due to Options:
  A) the availability of transport ntwork
  B) the proximity to source of power
  C) the proximity to large deposits of iron ore
  D) political consideration
  Show Answer
  The correct answer is C .
• Question 2190: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .