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 2771:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
  Show Answer
  The correct answer is C .
• Question 2772: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 2773: Every economy requires an accurate census because it assist in? Options:
  A) solving inflation problem
  B) providing a sound framework for policy formulation
  C) stimulating economic activities in the national economy
  D) solving unemployment problem
  Show Answer
  The correct answer is B .
• Question 2774: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .
• Question 2775:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2776: The price paid for labour services is the? Options:
  A) commission rate
  B) wages rate
  C) income rate
  D) salary rate
  Show Answer
  The correct answer is B .
• Question 2777:

  $\begin{array}{ccccc}\text{Output(kg)}& 240& 450& 580& 630\\ \text{MR(N)}& 75& 48& -40& -22\\ \text{MC(N)}& 41& 48& 77& 20\end{array}$

  Given the table above, what is the firm's short - run profit maximizing output?

  Options:
  A) 450kg
  B) 630kg
  C) 240kg
  D) 580kg
  Show Answer
  The correct answer is A .
• Question 2778:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2779: In a limited liability company, the greatest risk is borne by? Options:
  A) debenture holders
  B) company executives
  C) ordinary shareholders
  D) preference shareholders
  E) borad of directors
  Show Answer
  The correct answer is C .
• Question 2780: A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax. Options:
  A) direct
  B) indirect
  C) progressive
  D) proportional
  E) regressive
  Show Answer
  The correct answer is D .