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 1221: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
  Show Answer
  The correct answer is A .
• Question 1222: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
  Show Answer
  The correct answer is C .
• Question 1223:

  

  From the graph above, fixing maximum price of garri below equilibrium prices at P₁ will

  Options:
  A) Encourage the production of garri
  B) Create an excess supply of garri
  C) Increase the consumption of garri
  D) Decrease the consumption of garri
  Show Answer
  The correct answer is C .
• Question 1224: An nation's distribution of income shows? Options:
  A) the value of all goods produce inthe economy
  B) how income is divided among different groups
  C) where the economy system is on its production possibility curve
  D) the consumption behaviour of the people
  Show Answer
  The correct answer is B .
• Question 1225:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 1226: Which is the dominant form of tax in Nigeria Options:
  A) Direct tax
  B) Indirect tax
  C) Inheritance tax
  D) Personal income tax
  E) Value added tax
  Show Answer
  The correct answer is A .
• Question 1227: The primary objective of all international economic organizations is to? Options:
  A) ensure that third world countries get a better share of the world's resources
  B) promote international economic co-operation for the mutual benefit of all members
  C) enforce structural adjustment programmes on less developed countries
  D) encourage exports from the developed to the less developed countries
  Show Answer
  The correct answer is B .
• Question 1228: Specialization often improves economic performance because it? Options:
  A) permits exploitation of economies of scale
  B) incorporates external economies
  C) is based on the law of variable proportions
  D) allocates resources according to absolute advantage
  Show Answer
  The correct answer is D .
• Question 1229: As a country gets more developed, the percentage of labour engaged in agriculture tends to? Options:
  A) remain constant
  B) decrease steadily
  C) switch over to trading
  D) increase steadily
  Show Answer
  The correct answer is B .
• Question 1230: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .