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 2471: Which of the following is NOT a source of government revenue? Options:
  A) Taxes, Fees, licenses and fines
  B) Personal income, disposable income and transfer earnings
  C) Interest, dividends, profits and earnings
  D) Grants, aids and borrowing
  Show Answer
  The correct answer is B .
• Question 2472: As a firm increases its output, the average fixed cost? Options:
  A) tends to rise continuously
  B) remains constant
  C) rises and then falls
  D) tends to decreased continuously
  Show Answer
  The correct answer is D .
• Question 2473: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 2474: unlimited liability means? Options:
  A) The government can tax a company without limit
  B) The debts of a company must be paid out of it assets
  C) A company ceases to exist at the death of one of its owners
  D) A firm must pay its debts from business as well as private funds
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 2475:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2476: The money market is a financial market that specializes in the provision of? Options:
  A) short-term loans
  B) medium-term loans
  C) long-term loans
  D) venture capital for development projects
  Show Answer
  The correct answer is A .
• Question 2477: By using exchange controls, a country tries to eliminate a balance of payments deficit by? Options:
  A) limiting her imports to its currency value of exports
  B) reducing the nation's domestic price level
  C) limiting her exports to its currency value of imports
  D) overvaluing the country's currency
  Show Answer
  The correct answer is A .
• Question 2478: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .
• Question 2479: Elasticity of demand is given by Options:
  A) the prcentage change in quantity demanded divided by the corresponding percentage change in price
  B) the percentage change in price divided by the corresponding percentage change in quantity demanded
  C) the percentage change in quantity demanded divided by the corresponding price
  D) the percentage change in price divided by the corresponding quantity demanded
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 2480: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is? Options:
  A) static
  B) infinitely elastic
  C) externally determined
  D) perfectly inelastic
  Show Answer
  The correct answer is D .