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 251: The difference between the Gross Domestic Product and the Gross National Product is? Options:
  A) allowance for total depreciation
  B) total interest payments
  C) total tax and interest payments
  D) net income from aboard
  Show Answer
  The correct answer is D .
• Question 252: The voting power in co-operative societies is vested on Options:
  A) management
  B) members without loan
  C) shareholders
  D) members with the highest contribution
  Show Answer
  The correct answer is C .
• Question 253: If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be Options:
  A) a monopolistic competitor as it can have a limited influence on price
  B) a monopolist as it can have a great influence on price
  C) a perfect competitor as it cannot influence the market price
  D) an oligopolist as it can collude with other firms to have some influence on price
  Show Answer
  The correct answer is B .
• Question 254: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
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  The correct answer is B .
• Question 255:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
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  The correct answer is D .
• Question 256: The demand for two or more commodities to satisfy a particular want is _____? Options:
  A) Derived
  B) Composite
  C) Competitive
  D) Joint
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  The correct answer is D .
• Question 257:

  

  From the diagram, determine the profit-maximizing output

  Options:
  A) 600
  B) 800
  C) 900
  D) 1000
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  The correct answer is C .
• Question 258:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
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  The correct answer is B .
• Question 259: 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 260: Progressive tax structure is designed to? Options:
  A) take more from the income of the poor
  B) take more from income of the rich
  C) take equal proportion of income from both the rich and the poor
  D) reduce the problems emanating from tax imposition
  Show Answer
  The correct answer is B .