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 441: A disadvantage of concentrating industries in an area is that it could? Options:
  A) lead to conclusion among the firms
  B) result in evironmental pollution
  C) bring about diseconomies of scale
  D) increase the cost of production
  Show Answer
  The correct answer is B .
• Question 442:

  Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

  Options:
  A) N20m
  B) N380m
  C) N200m
  D) N180m
  Show Answer
  The correct answer is B .
• Question 443: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
  Show Answer
  The correct answer is A .
• Question 444: The use of government revenue and expenditure to achieve set objectives is known as Options:
  A) budget
  B) fiscal policy
  C) revenue allocation
  D) monetary policy
  Show Answer
  The correct answer is B .
• Question 445: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 446: A characteristic of the linear production function is that Options:
  A) the percentage change in inputs change exceeds output
  B) output and all inputs change by the same percentage
  C) the percentage change in output is greater than one
  D) the percentage change in output is less than one
  Show Answer
  The correct answer is B .
• Question 447:

  Government uses all of the following ways to redistribute income, except

  Options:
  A) Market intervention
  B) Transfer earnings
  C) Limited liability
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 448: The effect of an increase in the personal income tax is to Options:
  A) reduce unemployment
  B) raise the absolute price level
  C) reduce the disposable income
  D) distort the economy
  Show Answer
  The correct answer is C .
• Question 449:

  The production cost that varies inversely with output is the

  Options:
  A) total fixed cost
  B) marginal cost
  C) average fixed cost
  D) average cost
  Show Answer
  The correct answer is D .
• Question 450:

  The determination of wages in a labour market depends on the_______

  Options:
  A) Government
  B) People
  C) Interaction between demand and supply of labour
  D) Economy
  Show Answer
  The correct answer is C .