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 1071:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1072: Plantation farming can best be defined as cultivation of Options:
  A) crops using hoes and cutlasses for farming
  B) food crops for personal consumption
  C) food for use by the family
  D) large scale farms of cash crops
  E) livestock for commercial purposes
  Show Answer
  The correct answer is D .
• Question 1073: An example of a regressive tax is? Options:
  A) the personal income tax
  B) the graduated corporation income tax
  C) a general sales tax
  D) the inheritance tax
  E) the excise tax
  Show Answer
  The correct answer is C .
• Question 1074: Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is? Options:
  A) 0.25
  B) 0.40
  C) 4.00
  D) 25.00
  Show Answer
  The correct answer is D .
• Question 1075: A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is Options:
  A) supply curve
  B) liquidity preference
  C) Budget line
  D) demand curve
  Show Answer
  The correct answer is C .
• Question 1076: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
  Show Answer
  The correct answer is C .
• Question 1077:

  $\begin{array}{ccc}Price(N)& 20& 16\\ \text{Quantity demanded}& 100& 58\end{array}$

  From the table above, the elasticity of supply is _____?

  Options:
  A) Inelastic supply
  B) Perfectly elastic
  C) Elastic supply
  D) Unitary elastic
  Show Answer
  The correct answer is C .
• Question 1078:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 1079: A business organization set up for the mutual benefits of member with similar interest is known as Options:
  A) cooperative society
  B) partnership
  C) private limited company
  D) public corporation
  E) public limited company
  Show Answer
  The correct answer is A .
• Question 1080: A commercial bank is able to create money Options:
  A) by printing it
  B) by maintaining reserve
  C) by creating a demand deposit as it gives a new loan
  D) by issuing cheques to depositors
  E) by borrowing from the central bank
  Show Answer
  The correct answer is C .