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 1511: Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output? Options:
  A) N720.00
  B) N216.00
  C) N44.00
  D) N880.00
  Show Answer
  The correct answer is C .
• Question 1512: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 1513: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .
• Question 1514: Joint-stock companies can raise funds from Options:
  A) the money market
  B) the capital market
  C) various sources
  D) government
  Show Answer
  The correct answer is C .
• Question 1515: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 1516:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 1517: A firm is said to be a public Joint Stock Company when it? Options:
  A) is owned by the government
  B) is operated as a public corporation
  C) is operated in a non-democratic fashion
  D) sells shares to members of the public and publishes its account
  E) is a limited liability company
  Show Answer
  The correct answer is D .
• Question 1518:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .
• Question 1519: If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x? Options:
  A) 7.0
  B) 6.0
  C) 8.5
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 1520:

  As a factor of production, the reward for land is?

  Options:
  A) Profit
  B) Interest
  C) Rent
  D) Wage
  Show Answer
  The correct answer is C .