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:

  

  Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

  Options:
  A) D_o and S_o; D_o and S₂
  B) D₁ and S₂; D₂ and S_o
  C) D₂ and S₁; D₂ and S₂
  D) D₂ and S_o; D_o and S₂
  Show Answer
  The correct answer is C .
• Question 742: Firms are often set up close to each other in order to take advantage of? Options:
  A) supply or skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 743:

  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 744: The quantity theory of money states that a reduction in the quantity of money in circulation would bring about Options:
  A) A constant change in price
  B) A rise in prices
  C) An unequal fall in prices
  D) A proportionate fall in price
  Show Answer
  The correct answer is A .
• Question 745:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 746: Two basic features common to an industry are Options:
  A) production processes and source of capital
  B) source of capital and labour supply
  C) similarity of products and source of raw materials
  D) similarity of products and production processes
  Show Answer
  The correct answer is D .
• Question 747: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
  Show Answer
  The correct answer is C .
• Question 748:

  Which of the following is not a direct tax?

  Options:
  A) capital gains tax
  B) purchase tax
  C) personal income tax
  D) capital tax
  Show Answer
  The correct answer is B .
• Question 749: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
  Show Answer
  The correct answer is D .
• Question 750:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .