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 261: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 262: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 263: When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is Options:
  A) competitive demand
  B) complementary demand
  C) composite demand
  D) derived demand
  E) independent demand
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  The correct answer is A .
• Question 264: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .
• Question 265: Progressive income tax can be expressed as Options:
  A) tax that falls as income rises
  B) tax that rises as income falls
  C) tax that is independent of income
  D) tax that rises as income rises
  E) tax that is neutral to income
  Show Answer
  The correct answer is D .
• Question 266: Economic growth can be accelerated through? Options:
  A) balancing of savings and consumption
  B) postponement of current consumption
  C) planned current consumption
  D) increased current consumption
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  The correct answer is C .
• Question 267: If the demand for one commodity excludes another, it is said to be Options:
  A) complementary demand
  B) competitive demand
  C) composite demand
  D) derived demand
  Show Answer
  The correct answer is B .
• Question 268: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 269: In national income accounting, aggregate saving in any year is defined as? Options:
  A) all disposable income not spent on consumption
  B) all savings deposits in all banks during the year
  C) all savings and time deposits in all banks during the year
  D) the value of inventory change for the year
  Show Answer
  The correct answer is A .
• Question 270:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .