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 591: Opportunity cost is best defined as? Options:
  A) the penalty for not seizing golden opportunities
  B) sacrificed alternative (output, income etc.)
  C) the cost of creating job opportunities
  D) payment made to an industrial worker
  E) the difference between fixed and variable costs
  Show Answer
  The correct answer is B .
• Question 592:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 593: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 594: A tax is defined as regressive if? Options:
  A) the proportion of income paid as tax increase as the income level increases
  B) all income group pay the same percentage of their income as tax
  C) the proportion if income taen by the tax falls as income increases
  D) the proportion of income taken by the tax is a fixed nominal amount of income for all income groups
  Show Answer
  The correct answer is C .
• Question 595:

  Which of the following is NOT one of the characteristics of developing countries?

  Options:
  A) High unemployment
  B) Mono- product economy
  C) High capital formation
  D) Low saving
  Show Answer
  The correct answer is B .
• Question 596: An increase in the price of a commodity will result in Options:
  A) a decrease in the quantity demanded
  B) an increase in demand
  C) an increase in quantity demanded
  D) a decrease in demand
  Show Answer
  The correct answer is A .
• Question 597: The effectiveness of devaluation as a solution to a balance of payments problem depends on the Options:
  A) value of visible and invisible goods
  B) value of invisible items of both domestic and foreign trades
  C) relative elasticities of demand and supply of imports and exports
  D) foreign investments of businessmen
  Show Answer
  The correct answer is C .
• Question 598: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 599: The major function of the wholesaler to his customers is? Options:
  A) breaking of bulk
  B) offering personal services
  C) stocking a variety of goods
  D) providing transport facilities
  Show Answer
  The correct answer is A .
• Question 600: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .