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 2681: A firm's shut-down point is reach when the average revenue fails to cover the? Options:
  A) average variable cost
  B) marginal cost
  C) average total cost
  D) average fixed cost
  Show Answer
  The correct answer is B .
• Question 2682:

  One of the major criticism of the 1962 -1968 National Development Plan was that?

  Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's independence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foregn-sourced financial resources
  Show Answer
  The correct answer is A .
• Question 2683: Which of the following is NOT a factor that brings about changes in demand? Options:
  A) a change in real income
  B) government policy
  C) increase in population
  D) the price of the good or service
  E) taste and fashion
  Show Answer
  The correct answer is A .
• Question 2684: Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as? Options:
  A) proportional tax
  B) progressive tax
  C) competitive tax
  D) excise tax
  E) regressive tax
  Show Answer
  The correct answer is E .
• Question 2685: The value of the multiplier depends on? Options:
  A) MPC and level of income
  B) level of personal income
  C) level of personal savings
  D) government policy and MPC
  Show Answer
  The correct answer is D .
• Question 2686: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 2687: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 2688: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 2689: National debts is an expected outcome of? Options:
  A) deficit budget
  B) consolidation budget
  C) balanced budget
  D) surplus budget
  Show Answer
  The correct answer is A .
• Question 2690: An increase in demand without a corresponding change in supply will lead to Options:
  A) a decrease in equilirium price and increase in equilibrium quantity
  B) an increase in equilibrium price and quantity
  C) a decrease in equilibrium price and quantity
  D) an increase in equilibrium price and a decrease in equilibrium quantity
  Show Answer
  The correct answer is B .