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: A tax that increases at a higher percentage as income increase is called? Options:
  A) a proportion tax
  B) a regressive tax
  C) a progressive tax
  D) an income tax
  Show Answer
  The correct answer is C .
• Question 2792:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2793:

  $$\begin{array}{|cccccccc|}\hline \text{Q (ton)}& 400& 500& 600& 700& 800& 900& 1000\\ \text{TC (N)}& 16000& 18000& 19800& 21000& 24000& 31500& 40000\\ \text{TR (N)}& 20000& 22500& 24000& 24500& 25000& 18000& 15000\\ \hline\end{array}$$

  The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

  Options:
  A) 400
  B) 500
  C) 600
  D) 700
  Show Answer
  The correct answer is B .
• Question 2794: Demand for a factor of production is? Options:
  A) a composite demand
  B) a joint demand
  C) a derived demand
  D) an elastic demand
  E) cross-elasticity of demand
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  The correct answer is C .
• Question 2795:

  

  From the table above, the total utility for the individual who consumes 3 units of commodity X is

  Options:
  A) 50 units
  B) 150 units
  C) 230 units
  D) 250 units
  Show Answer
  The correct answer is C .
• Question 2796:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
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  The correct answer is B .
• Question 2797:

  Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200

  Options:
  A) 2000
  B) 100
  C) 1500
  D) 1400
  Show Answer
  The correct answer is D .
• Question 2798: Disposable income equals Options:
  A) personal income less business profits
  B) personal inome minus taxes and subsidies
  C) national income less borrowing from abroad
  D) national income plus transfer of payments
  E) personal income less taxes plus subsidies
  Show Answer
  The correct answer is E .
• Question 2799: If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X Options:
  A) X and Y are complementary commodities
  B) X and Y are substitute goods
  C) X and Y are independent goods
  D) X and Y are jointly supplied
  E) X and Y are inferior commodities
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  The correct answer is A .
• Question 2800: If the price of a commodity is fixed below equilibrium, this will lead to Options:
  A) excess demand
  B) a decrease in price
  C) an increase in price
  D) excess supply
  Show Answer
  The correct answer is A .