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 271: A greater burden of the taxes on essential goods is borne by the? Options:
  A) middle income group
  B) higher income group
  C) lower income group
  D) people falling between the middle and higher income groups
  E) top few richest people of the country
  Show Answer
  The correct answer is C .
• Question 272:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 273:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .
• Question 274: The marketing of agricultural commodities in Nigeria is hampered by Options:
  A) lack of adequate storage facilities
  B) the existence of farmers' associations
  C) the existance of commodity exchange
  D) the abolition of marketing boards
  Show Answer
  The correct answer is A .
• Question 275: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 276: A major limiting factor of mass production is Options:
  A) efficient management
  B) adequate labour supply
  C) small size of the market
  D) adequate supply of raw materials
  Show Answer
  The correct answer is C .
• Question 277:

  

  Which of the following statements does NOT describe a situation of perfect competition?

  Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into and exit out of , the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 278: Disequilibrium in the balance of payment means? Options:
  A) imports of the country exceeding its exports
  B) overall deficit or surplus in the current account and capital account of the balance of payment
  C) capital flowing out of the country exceeds the capital flowing into the country
  D) deficit in the trade balance
  E) export earnings exceeds cost of imports
  Show Answer
  The correct answer is B .
• Question 279:

  If commodities X and Y are substitute, their cross elasticity of demand will be

  Options:
  A) One
  B) positive
  C) negative
  D) zero
  Show Answer
  The correct answer is B .
• Question 280: The comparison of the standard of living between Nigeria and Ghana is best down through the use of Options:
  A) gross domestic product
  B) gross National incomes
  C) Net disposable income
  D) Net National income
  E) per capita income
  Show Answer
  The correct answer is E .