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 1261: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
  Show Answer
  The correct answer is B .
• Question 1262: Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method? Options:
  A) Consumption expenditure
  B) Indirect taxes
  C) Exports and property income from abroad
  D) Gross Domestic Fixed Capital Formation
  Show Answer
  The correct answer is B .
• Question 1263: Infant industries are Options:
  A) a baby food and a baby clothing factories
  B) those which are introducing new products
  C) cases of arrested development
  D) industries temporarily protected by tariff barriers until mature enough to compete on world markets
  E) industries that are allowed to remain permanent cases of adolescence
  Show Answer
  The correct answer is D .
• Question 1264: A commodity is described as inferior when the Options:
  A) income effect is negative
  B) income effect is positive
  C) substitution effect is negative
  D) substitution effect is positive
  Show Answer
  The correct answer is A .
• Question 1265: The demand curve for factors of production Options:
  A) is perfect elastic
  B) slopes upwards
  C) slopes of downwards
  D) is perfectly inelastic
  Show Answer
  The correct answer is C .
• Question 1266:

  Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

  Options:
  A) Partnership
  B) Sole proprietorship
  C) Public limited liability company
  D) Private limited liability company
  Show Answer
  The correct answer is C .
• Question 1267:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 1268: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 1269: In Nigeria, efficiency in public corporations can be achieved through Options:
  A) public offer
  B) indigenization
  C) privatization
  D) nationalization
  Show Answer
  The correct answer is C .
• Question 1270:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .