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 541: Average fixed cost is Options:
  A) Average total cost less the sum of average variable cost
  B) Half the sum of all costs
  C) Total fixed cost divided by the level of output
  D) Total fixed cost plus marginal cost
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  The correct answer is C .
• Question 542: 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
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  The correct answer is C .
• Question 543: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
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  The correct answer is A .
• Question 544: which of the following is not true about occupational distribution of the labour force of West Africa? Options:
  A) A large percentage of the labour force is engaged in agriculture
  B) Agriculture is the most important occupation in West Africa
  C) The manufacturing sector employs a large percentage of the population
  D) Agriculture does not constitute an important source of paid employment
  E) The public sector forms an important source of paid employment
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  The correct answer is C .
• Question 545:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
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  The correct answer is C .
• Question 546: In order to accelerate economic development, a country must? Options:
  A) stimulate her population growth rate
  B) pursue a high population growth rate
  C) pursue a rational population policy
  D) pursue an incremental population policy
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  The correct answer is C .
• Question 547: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
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  The correct answer is A .
• Question 548: A major cause of the slow pace of industrialization in Nigeria is inadequate Options:
  A) raw materials
  B) landmass
  C) skilled labour
  D) communal labour
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  The correct answer is C .
• Question 549: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
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  The correct answer is E .
• Question 550: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
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  The correct answer is A .