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 1161: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 1162: Which of the following statements is true? Options:
  A) A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
  B) taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
  C) The sole proprietor is a legal entity
  D) the influence of demand on price will be smallest on the short run
  E) the cost of production is the most important determining factor of supply in the long run
  Show Answer
  The correct answer is A .
• Question 1163:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 1164: A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because? Options:
  A) it is illegal price cutting
  B) other competitors will be angry
  C) total revenue will decline due to its elastic demand curve
  D) it is able to sell all it wants at the market price
  E) it does not maximize profit
  Show Answer
  The correct answer is C .
• Question 1165: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .
• Question 1166: Import duty concessions on the industrial inputs directly benefit the Options:
  A) consumers
  B) external sector
  C) commercial sector
  D) manufacturers
  Show Answer
  The correct answer is D .
• Question 1167:

  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 1168: Maximum wage legislation seeks to Options:
  A) fix wages above the equilibrium wage rate
  B) set wages below the equilibrium wage rate
  C) deter employers from exploiting their employees
  D) ensure an upper limit to the wages payable
  Show Answer
  The correct answer is D .
• Question 1169:

  A strategy for improving agriculture in Nigeria will involve

  Options:
  A) controlling the prices of agricultural products
  B) ensuring self-sufficiency in food production
  C) reducing agricultural exports
  D) establishing commondity boards
  Show Answer
  The correct answer is B .
• Question 1170:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .