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 121: A tax system in which the rich pays a higher percentage income as tax than the poor is known as Options:
  A) capital gains tax
  B) progressive taxation
  C) proportional taxation
  D) regressive taxation
  E) sales tax
  Show Answer
  The correct answer is B .
• Question 122: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .
• Question 123: In a joint stock company, preference shareholders are those who receive? Options:
  A) high dividends when profits are high and little or nothing when profits are low
  B) a fixed rate of individend and have the first claim on the net profits of the company
  C) the remaining profits after all other shareholders have been paid
  D) dividends quarterly when others receive annually
  Show Answer
  The correct answer is B .
• Question 124:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 125: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
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  The correct answer is A .
• Question 126: The downstream activities of oil companies in Nigeria involve Options:
  A) refining and distribution
  B) prospecting and exploration
  C) off-shore drilling
  D) management of spillage and pollution
  Show Answer
  The correct answer is A .
• Question 127: What is the growth rate of employment? Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 5.7%
  E) 4.1%
  Show Answer
  The correct answer is A .
• Question 128: An economy is described as spend-rift if it Options:
  A) does not concern itself with savings and investment
  B) has a great ability to generate foreign exchange from investment
  C) has greater opportunity to receive large income from investment
  D) invests in income generating industries
  E) has trade connection with other countries
  Show Answer
  The correct answer is A .
• Question 129: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 130: Which of the following is NOT a reason for the absence of an industry in the rural areas? Options:
  A) Absence of financial institution
  B) restricted market
  C) inadequate power and water supply
  D) inadequate transportation
  E) presence of external economies
  Show Answer
  The correct answer is A .