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 241: Points outside the production possibility curves shows Options:
  A) unequal allocation of resources among factors
  B) capital production level
  C) under utilization of resources
  D) unattainable production level
  E) effective consummation of resources
  Show Answer
  The correct answer is D .
• Question 242: Statutory organisations usually established by Acts of Parliament are called Options:
  A) public corporations
  B) cooperative societies
  C) joint-stock companies
  D) public enterprises
  Show Answer
  The correct answer is A .
• Question 243:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 244:

  The stock exchange is an example of the

  Options:
  A) labour market
  B) money market
  C) commodity market
  D) capital market
  Show Answer
  The correct answer is D .
• Question 245: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 246: A tax on land will ultimately fall Options:
  A) partly on agents and users
  B) entirely on users
  C) entirely on owners
  D) partly on users and owners
  Show Answer
  The correct answer is C .
• Question 247: The major characteristics of an undeveloped nation is Options:
  A) Over-dependence on foreign products
  B) Dominance of the industrial sector
  C) High per capita income
  D) Efficient and sensitive financial sector
  Show Answer
  The correct answer is A .
• Question 248: Elasticity demand is an effective tool in the hands of a producer in that it enables him? Options:
  A) raise his profit and lower his costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is D .
• Question 249: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is Options:
  A) Progressive
  B) Indirect
  C) Regressive
  D) Proportional
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 250: The following are types of monopolies EXCEPT Options:
  A) cartels
  B) holding companies
  C) syndicates
  D) thrifts
  E) trusts
  Show Answer
  The correct answer is D .