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 751:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 752: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 753: The purchasing power of the naira will fall when? Options:
  A) the naira is devalued
  B) government cuts all salaries and wages
  C) there is inflation
  D) the colour of the naira is changed
  E) workers are retrenched
  Show Answer
  The correct answer is C .
• Question 754: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .
• Question 755: Which of the following is NOT a visible item on international trade payment? Options:
  A) Payment for imported cars
  B) Receipt from cocoa exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payment for petroleum imports
  Show Answer
  The correct answer is C .
• Question 756: An increase in an economy's productive capacity implies? Options:
  A) an increase in the economy's rate of capital replacement
  B) an increase in the economy's capital stock
  C) a decrease in government spending
  D) an increase in government spending
  Show Answer
  The correct answer is B .
• Question 757: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 758: A straight line indifference curve indicates that the two products are Options:
  A) normal goods
  B) inferior goods
  C) perfect substitutes
  D) close substitutes
  Show Answer
  The correct answer is C .
• Question 759: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
  Show Answer
  The correct answer is A .
• Question 760: The demand curve for a luxury goods is Options:
  A) negatively sloped
  B) parallel to the price axis
  C) parallel to the quantity axis
  D) positively sloped
  Show Answer
  The correct answer is D .