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 781: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
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  The correct answer is A .
• Question 782: A strategy for curbing unemployment is to Options:
  A) implement government stabilization policy
  B) increase taxes and decrease government expenditure
  C) increase government expenditure and decrease taxes
  D) ensure even distribution of job opportunities
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  The correct answer is C .
• Question 783: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
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  The correct answer is A .
• Question 784: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
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  The correct answer is A .
• Question 785: In computing national income, transfers are excluded because Options:
  A) they are received only by the poor
  B) the figures reduce the size of national income
  C) it is difficult to get the exact figures
  D) they are not payments for productive activities
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  The correct answer is D .
• Question 786: In market economies, resources are allocated through the? Options:
  A) government authorities
  B) price system
  C) banking system
  D) central planning bureau
  E) revenue allocation formula
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  The correct answer is B .
• Question 787: Exclusions that makes Gross National Product a poor measure of welfare are? Options:
  A) goverment purchases
  B) government millitary outlays
  C) wages and salaries
  D) housewives services
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  The correct answer is D .
• Question 788: By subsistence production we mean? Options:
  A) goods and services are produced for consumption only
  B) goods and services are sold to others
  C) raw materials are produced in the country
  D) goods and services are produced for the market
  E) none of these
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  The correct answer is A .
• Question 789: Which of the following factors is the most important in siting a petrol-chemical plants? Options:
  A) Nearness to the source of raw materials
  B) Nearness to the source of power
  C) Availability of labour
  D) Proximity to financial institutions
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  The correct answer is A .
• Question 790: Average cost is Options:
  A) the total cost of production
  B) the extra cost of producing one additional unit of output
  C) cost of producing a unit of output
  D) variable cost
  E) overhead cost
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  The correct answer is C .