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 331:

  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
  Show Answer
  The correct answer is B .
• Question 332:

  What form of market is found in an imperfect competition where there are few buyers and many sellers

  Options:
  A) monopoly
  B) oligopoly
  C) duopoly
  D) oligopsony
  Show Answer
  The correct answer is D .
• Question 333:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 334:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 335: External finance for a limited liability company is mainly sourced through? Options:
  A) the leasing equipment
  B) the issuing of shares
  C) trade credits
  D) banks loans
  Show Answer
  The correct answer is A .
• Question 336: The savings deposit in a commercial bank is called Options:
  A) Capital
  B) Fund
  C) Near
  D) Money
  E) Call money
  Show Answer
  The correct answer is D .
• Question 337:

  

  What is the market equilibrium price?

  Options:
  A) 5.00
  B) 8.00
  C) 9.00
  D) 7.00
  E) 6.00
  Show Answer
  The correct answer is E .
• Question 338:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 339:

  The assumptions of the principles of comparative cost advantage is based onI. Absence of Trade Restrictions

  II. No transport costs

  III. Constant technology

  Options:
  A) II & III only
  B) I & II only
  C) I, II & III only
  D) II only
  E) III only
  Show Answer
  The correct answer is B .
• Question 340:

  Consider the following figures which refer to a firm's production department during one week:

  Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

  Total variable costs incurred during the week are

  Options:
  A) ₦7,300
  B) ₦7,100
  C) ₦1,300
  D) ₦1,100
  Show Answer
  The correct answer is B .