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 2081:

  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 2082: The following are Methods of measuring National Income of a country EXCEPT; ? Options:
  A) Expenditure method
  B) Consumption method
  C) Input Method
  D) Output method
  Show Answer
  The correct answer is B .
• Question 2083: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 2084: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 2085: In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to Options:
  A) increase price
  B) reduce output
  C) reduce price
  D) retain price
  Show Answer
  The correct answer is C .
• Question 2086:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 2087: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
  Show Answer
  The correct answer is C .
• Question 2088: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 2089: A sustained increase in the production of goods and service in a country is called economic? Options:
  A) development
  B) growth
  C) diversification
  D) planning
  Show Answer
  The correct answer is B .
• Question 2090: If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as Options:
  A) normal
  B) abnormal
  C) inferior
  D) superior
  E) scarce
  Show Answer
  The correct answer is C .