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 1391:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 1392: 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 1393:

  

  The lower half of the diagram indicates

  Options:
  A) the flow of goods and services
  B) payments for goods and services
  C) the flow of income
  D) government transactions
  Show Answer
  The correct answer is D .
• Question 1394:

  If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  Options:
  A) Progressive
  B) Proportional
  C) Indirect
  D) Regressive
  Show Answer
  The correct answer is D .
• Question 1395: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is? Options:
  A) static
  B) infinitely elastic
  C) externally determined
  D) perfectly inelastic
  Show Answer
  The correct answer is D .
• Question 1396: One of the major factors militating against industrialization in Nigeria is the? Options:
  A) inadequacy of infrastructural facilities
  B) absence of government participation
  C) frequent breakdown of equipment
  D) failure to get foreign partners and supporters
  Show Answer
  The correct answer is A .
• Question 1397: Given that Y = C + I and C = bY where b = 0.8, what is the multiplier? Options:
  A) 5
  B) 10
  C) 4
  D) 2
  Show Answer
  The correct answer is A .
• Question 1398:

  

   

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

  Options:
  A) P₁EHP_o
  B) P_oHQ_oO
  C) P₁EQ_oO
  D) P₁ED₁P_o
  Show Answer
  The correct answer is A .
• Question 1399:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 1400: An increase in the discount rate is an indication of a central bank's intention to pursue? Options:
  A) an expansionary monetary policy
  B) a disciplined monetary policy
  C) a dynamic monetary policy
  D) a contractionary monetary policy
  Show Answer
  The correct answer is A .