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 531:

  

  In the diagram, the marginal propensity to consume (MPC) is equal to

  Options:
  A) $\frac{RP}{TP}$
  B) $\frac{TP}{RP}$
  C) $\frac{RT}{RP}$
  D) $\frac{RT}{TP}$
  Show Answer
  The correct answer is B .
• Question 532: Inferior goods are referred to in Economics as goods Options:
  A) Whose quality is low
  B) Consumed by very poor people
  C) Whose consumption falls when cunsumers' income rises
  D) Which satisfy only the basic needs
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 533: If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving Options:
  A) rent
  B) profit
  C) interest
  D) surtax income
  Show Answer
  The correct answer is D .
• Question 534: A Tax which takes a higher percentage from higher incomes is called? Options:
  A) a regressive tax
  B) a progressive tax
  C) a proportional tax
  D) an indirect tax
  E) a direct tax
  Show Answer
  The correct answer is B .
• Question 535: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 536: Population density refers to? Options:
  A) densely populated urban centres
  B) the total area divided by the total population
  C) densely populated rural areas
  D) the total population divided by the total area
  Show Answer
  The correct answer is D .
• Question 537: The function muv/muz = py/pz represents Options:
  A) consumer’s average utility level
  B) diminishing marginal utility
  C) increasing marginal utility
  D) marginal theory of price
  E) utility maximization
  Show Answer
  The correct answer is E .
• Question 538: Which of the following factors is the most important in siting a petrol-chemical plants? Options:
  A) Nearness to the source of raw materials
  B) Nearness to the source of power
  C) Availability of labour
  D) Proximity to financial institutions
  Show Answer
  The correct answer is A .
• Question 539:

  Economics problems arise in all societies because

  Options:
  A) resources are mismanaged by leaders
  B) there is no proper planning
  C) resource are not in adequate supply
  D) the services of economists are not employed
  Show Answer
  The correct answer is C .
• Question 540:

  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 .