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 31:

  ECOWAS was formed for the purpose of________

  Options:
  A) promoting co-operation and integration
  B) to facilitate the expansion of international trade
  C) to provide insurance
  D) to insure new investment
  Show Answer
  The correct answer is A .
• Question 32: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 33: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .
• Question 34: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 35: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 36: The theoretical relationship between money supply and prices is weakened by changes in the Options:
  A) money supply
  B) general price level
  C) velocity of money
  D) interest rate
  Show Answer
  The correct answer is B .
• Question 37: A scientific approach in economic analysis entails? Options:
  A) a deductive method only
  B) both inductive and normative methods
  C) a normative method only
  D) both inductive and deductive methods
  Show Answer
  The correct answer is B .
• Question 38: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 39: A monopolist can boost up his revenue by Options:
  A) adjusting both price and output upward
  B) reducing total output to match price
  C) increasing price
  D) reducing price
  Show Answer
  The correct answer is B .
• Question 40:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .