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 1151: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
  Show Answer
  The correct answer is D .
• Question 1152: Gresham's law in economics shows that Options:
  A) bad money drives good money out of circulation
  B) good money drives bad money out of circulation
  C) gold must be available to maintain the value of paper money
  D) the price level varies directly with the quality of money
  Show Answer
  The correct answer is A .
• Question 1153: An increase in the marginal cost of production causes Options:
  A) A downward movement along the supply curve
  B) A leftward shift of the supply curve
  C) A rightward shift of the supply curve
  D) An upward movement along the supply curve
  Show Answer
  The correct answer is D .
• Question 1154: The three groups of government revenue are? Options:
  A) investment income, direct tax and indirect tax
  B) imports duties, excise tax and export duties
  C) company tax, personal income tax and import duties
  D) company tax, import duties and excise tax
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  The correct answer is A .
• Question 1155: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ? Options:
  A) debentures
  B) preference shares
  C) ordinary shares
  D) participating preference shares
  E) old shares
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  The correct answer is C .
• Question 1156: The burden of a government tax on a commodity whose demand is inelastic will Options:
  A) be borne only by the government
  B) fall more heavily on consumers
  C) be shared equally between consumers and producers
  D) fall more heavily on producers
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  The correct answer is B .
• Question 1157: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
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  The correct answer is A .
• Question 1158: The demand curve for factors of production Options:
  A) is perfect elastic
  B) slopes upwards
  C) slopes of downwards
  D) is perfectly inelastic
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  The correct answer is C .
• Question 1159:

  

  In the pie chart below, the percentage for children is equivalent to

  Options:
  A) 288^o
  B) 720^o
  C) 90^o
  D) 144^o
  Show Answer
  The correct answer is D .
• Question 1160: In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its? Options:
  A) lowest point
  B) middle point
  C) maximum point
  D) downward slopping section
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  The correct answer is A .