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 341: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 342:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .
• Question 343: An aspect of taxation that involves normative economics is the? Options:
  A) ]tax rate
  B) effect on incentive to work
  C) fairness of the tax
  D) tax burden
  Show Answer
  The correct answer is B .
• Question 344:

  The marginal propensity to consume is

  Options:
  A) Options B, C and D
  B) ΔC/ΔY
  C) The slope of the consumption function
  D) Coefficient c in the equation C = C + cYd
  Show Answer
  The correct answer is A .
• Question 345: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 346: A policy aimed at enhancing globalization of the Nigerian economy is Options:
  A) indigenization
  B) dereglation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 347: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 348: The higher the the dependency ratio the? Options:
  A) larger the proportion of the employed relative to the unemployed
  B) smaller the proportion of the active labour force relative to the inactive
  C) smaller the number of the non-working age groups relative to the active labour force
  D) lower the birth rate
  Show Answer
  The correct answer is B .
• Question 349: Which of the following is a transfer payment? Options:
  A) Dividend to a shareholder
  B) Gift to a mothers less babies' home
  C) Salary to a worker
  D) Rent to a landlord
  Show Answer
  The correct answer is A .
• Question 350: In the event of a limited liability company going into liquidation each Options:
  A) shareholder may lose the maximum of the amount he has invested
  B) shareholder loses nothing
  C) shareholders loses everything including his house
  D) shareholder''s liability becomes unlimited
  E) shareholder will lose the amount he has invested plus a proportion of his bank account
  Show Answer
  The correct answer is A .