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 741: For an inferior good, a decreased in real income will lead to? Options:
  A) a lower equilibrium price
  B) a change in quantity demanded
  C) an outward shift of the demand curve
  D) an inward shift of the demand curve
  Show Answer
  The correct answer is C .
• Question 742: One of the advantages of a partnership over a sole proprietorship is that? Options:
  A) it is the most popular form of business organization
  B) the patern can easy withdraw from business
  C) it makes an increase in the capital of the business possible
  D) there is no limit to the number of people who may bring in capital
  Show Answer
  The correct answer is C .
• Question 743: By using exchange controls, a country tries to eliminate a balance of payments deficit by? Options:
  A) limiting her imports to its currency value of exports
  B) reducing the nation's domestic price level
  C) limiting her exports to its currency value of imports
  D) overvaluing the country's currency
  Show Answer
  The correct answer is A .
• Question 744: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .
• Question 745: A capitalist economy is one characterized by the? Options:
  A) private ownership of factors of production
  B) ownership of factors of production by rich members of the society
  C) use of capital and labour in fixed proportions during production
  D) use of capital intensive methods of production
  Show Answer
  The correct answer is A .
• Question 746:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 747:

  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 748: Import duty concessions on the industrial inputs directly benefit the Options:
  A) consumers
  B) external sector
  C) commercial sector
  D) manufacturers
  Show Answer
  The correct answer is D .
• Question 749:

  

  In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

  Options:
  A) Curve I
  B) Curve ll
  C) Curve lll
  D) Curve lV
  E) Curves l and lll
  Show Answer
  The correct answer is D .
• Question 750: Themarginal physical product of labour is? Options:
  A) the out put of labour unaided by machinery
  B) the extra revenue from the output of one additional woker
  C) the difference in the output of two workers
  D) additional output achieved when one extraworker is added to fixed account of other factors
  E) none of the above
  Show Answer
  The correct answer is D .