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 1591:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .
• Question 1592: In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is? Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 1593: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1594: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .
• Question 1595: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 1596: The multiplier is defined as Options:
  A) The ratio of the change in income to the change in investment
  B) The change in investment divided by the change in income
  C) $\frac{1}{MPC}$
  D) $\frac{1}{1-\text{MPS}}$
  Show Answer
  The correct answer is A .
• Question 1597: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 1598: If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be Options:
  A) perfectly elastic
  B) inelastic
  C) elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 1599: In economics, the “how” or input question refers to: Options:
  A) The problem of allocating scarce resources among competing uses
  B) The way in which factors of production may be combined to produce output
  C) The way in which a firm decides on its profit maximising rate of output
  D) The problem of how output is distributed among individuals and groups in society.
  Show Answer
  The correct answer is B .
• Question 1600: A country is said to have absolute advantage when she Options:
  A) has a higher opportunity cost in the production of a good
  B) can sell to other countries without buying from them
  C) can produce more of any good with fewer resources
  D) has a lower opportunity cost in the production of good
  Show Answer
  The correct answer is C .