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 111: The price index computed between two time periods is given as 128%,This implies that the Options:
  A) disposable income have increased by 28%
  B) living standards have fallen by 128%
  C) living standards have risen by 128%
  D) living standards have fallen by 28%
  Show Answer
  The correct answer is B .
• Question 112: Which of thefollowing items is NOT an argument for locating industries in rural areas? Options:
  A) Rural areas supply agricultural raw material
  B) The pace of development will be quickened in rural areas
  C) Employment will be provided for rural inhabitants
  D) Capital is easily available in rural areas
  E) Suitable humid climate is sometimes found in rural areas
  Show Answer
  The correct answer is D .
• Question 113:

  The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

  Options:
  A) granting long-term loans
  B) assisting with technical expertise
  C) reducing tariff among members
  D) developing human resource
  Show Answer
  The correct answer is C .
• Question 114: At the point where marginal revenue of a monopolist is equal zero, its total revenue will be? Options:
  A) falling
  B) rising
  C) equal to zero
  D) maximum
  Show Answer
  The correct answer is A .
• Question 115: If the supply of a product is elastic, a small reduction in price will Options:
  A) reduce the cost of production
  B) reduce the quantity supplied
  C) increase the quantity supplied
  D) lead to no change in the quantity supplied
  Show Answer
  The correct answer is C .
• Question 116: A tax system which takes lesser percentage of a tax payers income as his income increase is known as Options:
  A) direct tax
  B) indirect tax
  C) progressive tax
  D) proportional tax
  E) regressive tax
  Show Answer
  The correct answer is C .
• Question 117: Which of these is NOT associated with the problem of internal trade? Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 118: Disposable income is an income which? Options:
  A) is available for consumption and savings
  B) pensioners receive from the government
  C) is payable to the disable members of the community
  D) accures to the environmental sanitation authorites for refuse disposal
  Show Answer
  The correct answer is A .
• Question 119:

  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 120: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
  Show Answer
  The correct answer is C .