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 2791: The three groups of government revenue are? Options:
  A) investment income, direct tax and indirect tax
  B) imports duties, excise tax and export duties
  C) company tax, personal income tax and import duties
  D) company tax, import duties and excise tax
  Show Answer
  The correct answer is A .
• Question 2792:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .
• Question 2793:

  

  What type of unemployment is revealed by the dotted lines on the graph?

  Options:
  A) frictional unemployment
  B) Cyclical unemployment
  C) Circular unemployment
  D) Underemployment
  Show Answer
  The correct answer is B .
• Question 2794:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2795: The U-shape of the long run average cost curve can be explained by the? Options:
  A) law of increasing returns
  B) law of constant returns
  C) law of diminishing returns
  D) concepts of economies and diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 2796: The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that? Options:
  A) there is a Government ban on the importation of beer
  B) beer distributors want more profit
  C) Nigeria is a large country
  D) middlemen hoard beer
  E) the demand for beer exceeds the supply
  Show Answer
  The correct answer is E .
• Question 2797: One of the major effects of an increase in government expenditure on a nation’s economy is that it? Options:
  A) creates investment opportunities for foreign investors
  B) leads to indigenization of the private sector
  C) raises the level of total tax revenue
  D) raises the level of aggregate demand
  E) controls the spread of monopoly
  Show Answer
  The correct answer is D .
• Question 2798: If the demand for a good is more elastic than its supply, the tax burden is borne Options:
  A) equally by consumers and producers
  B) more by producers
  C) more by consumers
  D) more by retailers and producers
  Show Answer
  The correct answer is B .
• Question 2799: The use of legally permissible means to reduce tax liabilities is known as tax? Options:
  A) evasion
  B) avoidance
  C) reliefs
  D) exemption
  Show Answer
  The correct answer is B .
• Question 2800: In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its? Options:
  A) lowest point
  B) middle point
  C) maximum point
  D) downward slopping section
  Show Answer
  The correct answer is A .