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 1: The demand for labour in an economy is a depiction of Options:
  A) competitive demand
  B) Composite demand
  C) Complementary demand
  D) Deductive demand
  E) derived demand
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  The correct answer is E .
• Question 2: One of the functions of the price system is that it Options:
  A) encourages high volume of production
  B) dictates what the citizens will consume
  C) discourages the consumption of harmful goods
  D) regulates production and consumption
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  The correct answer is D .
• Question 3: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
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  The correct answer is D .
• Question 4: Indirect taxes are taxes? Options:
  A) which are levied on the incomes and profits of individuals and firms
  B) whose incidence always falls on the consumer
  C) which are based on the progressive principle
  D) on casinos, airports and capitals gains
  E) which are levied on people and economic units through the goods and services they purchase
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  The correct answer is E .
• Question 5: The transfer to public shareholding corporations to private enterprises is Options:
  A) concession
  B) incorporation
  C) commercialization
  D) privatization
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  The correct answer is D .
• Question 6: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
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  The correct answer is A .
• Question 7: At the consumer equilibrium, the slope of the indifference curve is? Options:
  A) half the slope of the budget constraint line
  B) equal to the slope of the budget constraint line
  C) greater than the slope of the budget constraint line
  D) less than the slope of the budget constraint line
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  The correct answer is B .
• Question 8: By balance of visible trade we mean? Options:
  A) import and export of goods
  B) import and export of service
  C) balance of current account in the balance of payment
  D) balance of capital account in the baalance of payment
  E) all of this
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  The correct answer is A .
• Question 9:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
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  The correct answer is D .
• Question 10: 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
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  The correct answer is C .