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 2321: In a capitalist economy, the economic problem of what goods to produce is decided mainly by? Options:
  A) shadow prices
  B) profit level
  C) relative prices
  D) a central planner
  Show Answer
  The correct answer is B .
• Question 2322: Which of the following is NOT a determinant of the size economically active population? Options:
  A) Age structure
  B) Occupation of workers
  C) Proportion of men to women
  D) Average length of the working day
  E) Efficiency of the labour force
  Show Answer
  The correct answer is B .
• Question 2323: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
  Show Answer
  The correct answer is A .
• Question 2324: Excise duties are taxes levied on Options:
  A) goods coming into the country
  B) goods going out of the country
  C) industrial incomes
  D) locally manufactured goods
  E) selected consumer durable
  Show Answer
  The correct answer is D .
• Question 2325:

  

  The relationship between tax rate and income which is relevant to a progressive tax is shown by

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 2326: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 2327: Which of the following is NOT an advantage of localization of industries? Options:
  A) Reaping of external economies
  B) Development of a pool or skilled labour for industry
  C) Development of subsidiary industries
  D) Development of organized markets
  E) Growth of conurbations
  Show Answer
  The correct answer is E .
• Question 2328:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2329: As long as marginal utility is positive, total utility must be Options:
  A) negative
  B) increasing
  C) zero
  D) decreasing
  Show Answer
  The correct answer is B .
• Question 2330: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .