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 1571: Full equilibrium under perfect competition requires that? Options:
  A) MC =MR and AC =AR
  B) MC = MR but AR>AC
  C) MR =MC =AR=AC
  D) TR>TC
  E) MR=MC
  Show Answer
  The correct answer is E .
• Question 1572: To reduce the high rate of inflation in the economy, the government should? Options:
  A) increase taxes and have a budget surplus
  B) increase taxes and have a budget defilicit
  C) decrease taxes and have a budget defilicit
  D) decrease taxes and have a balance budget
  Show Answer
  The correct answer is A .
• Question 1573:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 1574: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .
• Question 1575: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 1576:

  If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

  Options:
  A) 0.50
  B) 0.65
  C) 2.00
  D) 2.50
  Show Answer
  The correct answer is C .
• Question 1577: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 1578: The speculative demand for money is inversely related to the Options:
  A) interest rate
  B) level of income
  C) exchange rate
  D) inflation rate
  Show Answer
  The correct answer is A .
• Question 1579: 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 1580: If a firm doubles all inputs in the long run and the total output is less than doubled, this results in Options:
  A) diminishing returns
  B) constant returns to scale
  C) increasing returns to scale
  D) decreasing returns to scale
  Show Answer
  The correct answer is D .