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 571:

  A country with over-valued currency will

  Options:
  A) expect balance of payments surplus
  B) have increased demand for the exports
  C) increase her foreign reserve
  D) decrease her foreign reserve
  Show Answer
  The correct answer is D .
• Question 572:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 573: GDP differs from GNP because GDP Options:
  A) is inclusive of depreciation
  B) emphasizes the final goods and service produced within the country at a particular period
  C) emphasizes the goods and services within the country
  D) emphasizes the market value of all final goods and services produced by nationals
  Show Answer
  The correct answer is B .
• Question 574: A major characteristic of a mixed economy is that Options:
  A) economic decisions are made by both the rich and the poor
  B) both primary and secondary production are undertaken
  C) the federal and the state governments undertaken joint projects
  D) economic activities are undertaken by both the public and private sectors
  Show Answer
  The correct answer is D .
• Question 575: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 576: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 577: The burden of a government tax on a commodity whose demand is inelastic will Options:
  A) be borne only by the government
  B) fall more heavily on consumers
  C) be shared equally between consumers and producers
  D) fall more heavily on producers
  Show Answer
  The correct answer is B .
• Question 578: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .
• Question 579: A decrease in supply without a corresponding change in demand will lead to Options:
  A) an increase in equilibrium price and a decrease in equilibrium quantity
  B) a decrease in equilibrium price and an increase in equilibrium qantity
  C) a decrease in equilibrium price and equilibrium quantity
  D) an increase in equilibrium price and quantity
  Show Answer
  The correct answer is A .
• Question 580: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .