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 2191: Which of the following is a direct tax? Options:
  A) Sales tax
  B) Purchase tax
  C) Export duties
  D) property tax
  Show Answer
  The correct answer is D .
• Question 2192: One of the characteristics of a monopolist is that, he can influence Options:
  A) quantity produced by other producers
  B) prices charged by other producers
  C) both price and quantity
  D) price or quantity
  Show Answer
  The correct answer is C .
• Question 2193: By buying treasury bills, the Central Bank of Nigeria intends to Options:
  A) increase money supply in the economy
  B) reduce the cash reserve ratio for banks
  C) reduce money supply in the economy
  D) increase the capital base of commercial banks
  Show Answer
  The correct answer is A .
• Question 2194:

  

  Determine the marginal revenue ifthe total revenue is ₦80.00

  Options:
  A) ₦16.00
  B) ₦12.00
  C) ₦14.00
  D) ₦18.00
  Show Answer
  The correct answer is B .
• Question 2195: Economics of scale operate only when? Options:
  A) marginal cost is falling with input
  B) average cost is falling with output
  C) fixed cost is variable
  D) variable cost is less than fixed cost
  Show Answer
  The correct answer is B .
• Question 2196: Which of the following is correct? Options:
  A) Traditional budgeting focuses on goals and objectives
  B) Zero based budgeting produces a single level of appropriation for an activity
  C) Traditional budgeting starts with last year’s funding appropriation
  D) Zero based budgeting does not systematically consider alternatives to current operations
  Show Answer
  The correct answer is C .
• Question 2197:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .
• Question 2198: Retailers are greater in numbers than wholesalers because? Options:
  A) retail business may not be registered or incorporated
  B) retail business requires less expertise
  C) retailers deal with final consumers
  D) all retail businesses are large enterprises
  E) all retail businesses are small enterprises
  Show Answer
  The correct answer is B .
• Question 2199:

  An economy in which both the public and private sectors contribute to economic growth is a__________?

  Options:
  A) socialist economy
  B) feudal economy
  C) mixed economy
  D) capitalist economy
  Show Answer
  The correct answer is C .
• Question 2200: The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes? Options:
  A) a fixed cost
  B) an implicit cost
  C) a variable cost
  D) a prime cost
  Show Answer
  The correct answer is B .