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 1141:

  

  If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are

  Options:
  A) complementary goods
  B) substitutes
  C) inferior goods
  D) luxury goods
  Show Answer
  The correct answer is B .
• Question 1142: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .
• Question 1143: Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as? Options:
  A) proportional tax
  B) progressive tax
  C) competitive tax
  D) excise tax
  E) regressive tax
  Show Answer
  The correct answer is E .
• Question 1144: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 1145:

  The 2nd National Development plan in Nigeria was between

  Options:
  A) 1962 - 1968
  B) 1970 - 1974
  C) 1975 - 1980
  D) 1980 - 1985
  E) 1985 - 1990
  Show Answer
  The correct answer is B .
• Question 1146:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 1147: In perfect competition,price is determined by the Options:
  A) government
  B) sellers
  C) buyers
  D) market
  Show Answer
  The correct answer is D .
• Question 1148: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
  Show Answer
  The correct answer is B .
• Question 1149: In calculating mean one should Options:
  A) add the highest and the lowest number
  B) divide the highest and the lowest number
  C) divide the sum of the figure by the number of the figure
  D) find the most common number
  E) pick any number that has no partner
  Show Answer
  The correct answer is C .
• Question 1150: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .