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 1001: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 1002: Which of the following is NOT true of debentures and debenture holders? Options:
  A) Debentures are instruments for rising long-term capital by limited liability companies
  B) Debenture are fixed interest-bearing securities with specified maturity dates
  C) Debentures holders are creditors to the company and therefore do not share in the risk of the company
  D) Debenture holders are entitled to interest payments whether or not profits are made
  E) Preference shareholders recieve their share of profits before debenture holders receive their entitlements
  Show Answer
  The correct answer is E .
• Question 1003:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .
• Question 1004: An important determinant of price elasticity of demand is Options:
  A) the state of technology
  B) the prices of other commodities
  C) the ease of substitution
  D) government policy
  Show Answer
  The correct answer is C .
• Question 1005: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 1006: Production in Economics occurs when Options:
  A) a commodity or service is sold
  B) utility is created or added
  C) a commodity is manufactured
  D) raw materials are produced or extracted from mines
  E) all of these
  Show Answer
  The correct answer is E .
• Question 1007:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1008: Localization of industries refers to the? Options:
  A) tendency to concentrate industries in particular areas
  B) sitting of industries in certain areas
  C) deliberate policy of influencing location of industries generally
  D) zoning of industries
  Show Answer
  The correct answer is A .
• Question 1009: The best technical description of a progressive tax is a? Options:
  A) tax which takes more money from the rich than from the poor
  B) more equitable tax than aggressive one
  C) tax which takes a higher proportion of extra naira received as income rises
  D) tax which falls directly on those in the high income brackets
  Show Answer
  The correct answer is C .
• Question 1010: For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be? Options:
  A) downward sloping and price inelastic
  B) perfectly price elastic
  C) downward sloping but price inelastic
  D) perfectly price inelastic
  Show Answer
  The correct answer is B .