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:

  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 542:

  Utility is the satisfaction derived from____________

  Options:
  A) Production
  B) Distribution
  C) Consumption
  D) Demand
  Show Answer
  The correct answer is A .
• Question 543: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 544:

  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 545: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
  Show Answer
  The correct answer is A .
• Question 546:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 547: The problem of “how to produce” in any economy is solved by Options:
  A) adopting the least cost method of production
  B) combining capital and labour intensive methods of production
  C) employing the services of a manager
  D) using capital intensive method of production
  E) using labour intensive method of production
  Show Answer
  The correct answer is B .
• Question 548:

  Palm oil and palm kernel are in

  Options:
  A) joint supply
  B) competitive demand
  C) competitive supply
  D) complementary demand
  Show Answer
  The correct answer is A .
• Question 549: As a firm increases its output, the average fixed cost? Options:
  A) tends to rise continuously
  B) remains constant
  C) rises and then falls
  D) tends to decreased continuously
  Show Answer
  The correct answer is D .
• Question 550: Price elasticity of supply measures the responsiveness of quantity supplied to Options:
  A) a change in the demand for the product V
  B) a change in the price of the commodity
  C) changes in consumers
  D) changes in prices of other commodities
  E) changes in suppliers income
  Show Answer
  The correct answer is B .