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:

  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 1162: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 1163: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
  Show Answer
  The correct answer is A .
• Question 1164: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 1165: The demand for two or more commodities to satisfy a particular want is _____? Options:
  A) Derived
  B) Composite
  C) Competitive
  D) Joint
  Show Answer
  The correct answer is D .
• Question 1166: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 1167:

  In an open economy, the GNP is measured as_____________?

  Options:
  A) C + 1 + G(X-M)
  B) C + 1 + G
  C) C + 1 + G + X
  D) C + 1 + G + M
  Show Answer
  The correct answer is A .
• Question 1168:

  Which of the following is not a direct tax?

  Options:
  A) capital gains tax
  B) purchase tax
  C) personal income tax
  D) capital tax
  Show Answer
  The correct answer is B .
• Question 1169: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 1170: When two variables are positively related, the graph of the relationship? Options:
  A) is a downward-sloping curve
  B) has a negative intercept
  C) is a straight line
  D) is an upward-sloping curve
  Show Answer
  The correct answer is D .