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 11:

  

  In the diagram below, the curve which represents firm's short-run averagevariable cost is curve

  Options:
  A) l
  B) ll
  C) lll
  D) IV
  Show Answer
  The correct answer is C .
• Question 12: The best technical description of a progressive tax is a? Options:
  A) tax which takes more money from the rich than from the poor
  B) more equitable tax than aggressive one
  C) tax which takes a higher proportion of extra naira received as income rises
  D) tax which falls directly on those in the high income brackets
  Show Answer
  The correct answer is C .
• Question 13: A company is said to be highly geared if the? Options:
  A) value of fixed interest loans is high compared with share capital
  B) Value of shared capital is high compared with fixed interest loans
  C) dividend rate is high
  D) interest rate is high
  Show Answer
  The correct answer is A .
• Question 14: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .
• Question 15:

  Real cost is

  Options:
  A) Alternative commodities forgone
  B) Amount of money spent on goods and services
  C) Cost of goods and services
  D) True cost
  Show Answer
  The correct answer is C .
• Question 16:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 17:

  If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

  Options:
  A) buyer
  B) seller
  C) government
  D) local authority
  Show Answer
  The correct answer is B .
• Question 18: Economics is a science which deals basically with Options:
  A) the factors of production
  B) allocation of scarce resources
  C) oil exportation
  D) the gross domestic product (GDP)
  E) national income
  Show Answer
  The correct answer is B .
• Question 19: The only factor of production that plays an active role in the production process is Options:
  A) land
  B) capital
  C) entrepreneur
  D) labour
  Show Answer
  The correct answer is C .
• Question 20: In market economies, resources are allocated through the? Options:
  A) government authorities
  B) price system
  C) banking system
  D) central planning bureau
  E) revenue allocation formula
  Show Answer
  The correct answer is B .