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 671: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
  Show Answer
  The correct answer is D .
• Question 672: Taxes which are levied on a person’s expenditures are known as? Options:
  A) Purchase tax
  B) Sales tax
  C) Direct tax
  D) Poll tax
  E) Income tax
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  The correct answer is A .
• Question 673:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 674: The budget of Nigeria will be deficit if Options:
  A) revenue expenditure exceeds the revenue receipts
  B) capital expenditure exceeds the capital receipts
  C) revenue and capital receipts exceeds revenue and capital receipts
  D) the government is spending more than its receipts
  E) all of the above
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  The correct answer is D .
• Question 675: Choice involves opportunity cost because Options:
  A) goods give different utilities
  B) available resources are inadequate
  C) there are many goods to select from
  D) not all goods have the same price
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  The correct answer is B .
• Question 676: One factor which influences the slope of a non-linear demand curve for a commodity is the? Options:
  A) price of the commodity
  B) quantity of the commodity demanded
  C) availability of substitutes
  D) available of complements
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  The correct answer is C .
• Question 677:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 678:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 679: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 680: In a public company, enterpreneurial functions are performed by the? Options:
  A) workers
  B) shareholders
  C) general manager
  D) board of directors
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  The correct answer is D .