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 621:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 622:

  The population density of a town made up of 50 square kilometer land area and 100 million people is________

  Options:
  A) 50,000 people per square kilometer
  B) 2 million people per square kilometer 
  C) 0.5 million people per square kilometer
  D) 20 million people per square kilometer
  Show Answer
  The correct answer is B .
• Question 623: 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 624: A factor that influences the location of a firm near its market is the? Options:
  A) transportation of bulky raw materials
  B) external economies
  C) high cost of transporting finished goods
  D) availability of skilled manpower
  Show Answer
  The correct answer is C .
• Question 625: External finance for a limited liability company is mainly sourced through? Options:
  A) the leasing equipment
  B) the issuing of shares
  C) trade credits
  D) banks loans
  Show Answer
  The correct answer is A .
• Question 626: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
  Show Answer
  The correct answer is B .
• Question 627: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 628: By terms of trade, we mean the? Options:
  A) ratio of exports and imports
  B) differences between exports and imports
  C) differences between current account and capital account
  D) index of export prices to import prices expressed as a percentage
  E) ratio of short-term capital movements to long-term capital movements
  Show Answer
  The correct answer is D .
• Question 629:

  As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

  Options:
  A) Input
  B) Commodities
  C) Output
  D) Factors
  Show Answer
  The correct answer is C .
• Question 630: The combination of two commodities each yielding the same level of satisfaction to the consumer is Options:
  A) consumer surplus
  B) indifference curve
  C) budget constant
  D) goods of necessity
  Show Answer
  The correct answer is B .