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 1191:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 1192: 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 1193: The use of modern weaving machines in the production of local fabric will result in Options:
  A) an increase in the demand for labour
  B) a decrease in the demand for labour
  C) an increase in wages
  D) a decrease in wages
  Show Answer
  The correct answer is B .
• Question 1194:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
  Show Answer
  The correct answer is D .
• Question 1195: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
  Show Answer
  The correct answer is E .
• Question 1196: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
  Show Answer
  The correct answer is A .
• Question 1197: The distribution channel that contributes most to the cost of production is? Options:
  A) producer-wholesaler-consumer
  B) producer-retailer-consumer
  C) producer-retailer-wholesaler-consumer
  D) producer-wholesaler-retailer-consumer
  Show Answer
  The correct answer is D .
• Question 1198:

  

  Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

  Options:
  A) Technology, weather and population
  B) Technology, price and tastes
  C) Weather, price and technology
  D) Population, weather and teastes
  Show Answer
  The correct answer is C .
• Question 1199:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 1200:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .