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 731:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 732: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .
• Question 733: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 734: The formular used by the Expenditure approach to calculate National income is Options:
  A) Y=C + I + X - M –G
  B) Y= C + X – M – I + G
  C) Y = C + I + G + X – M
  D) Y = C – I + X – M + G
  E) Y = C + G – X + M – I
  Show Answer
  The correct answer is C .
• Question 735:

  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 .
• Question 736: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 737:

  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 738: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 739:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 740: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
  Show Answer
  The correct answer is A .