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 2651:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .
• Question 2652: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 2653:

  The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________

  Options:
  A) Deflation
  B) Inflation
  C) Devaluation
  D) Revaluation
  Show Answer
  The correct answer is C .
• Question 2654: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 2655: The price of a good will not be affected by the imposition of a sales tax on it if the? Options:
  A) supply is inelastic
  B) demand is inelastic
  C) supply is perfectly elastic
  D) demand is perfectly elastic
  Show Answer
  The correct answer is D .
• Question 2656: One of the goals of development plans in Nigeria is to Options:
  A) increase the profitability of multinational businesses
  B) improve the country's GDP
  C) achieve higher standard of living for the citizens
  D) deregulate the economy
  Show Answer
  The correct answer is C .
• Question 2657: The output approach to measuring national income is based on the computation of Options:
  A) final output
  B) factor cost
  C) value added
  D) profits earned
  Show Answer
  The correct answer is C .
• Question 2658:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 2659: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 2660:

  $\begin{array}{ccc}\text{Out put produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  At 60 units of output, the AVC is

  Options:
  A) ₦2.50
  B) ₦1.50
  C) ₦90.00
  D) ₦150.00
  Show Answer
  The correct answer is B .