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 1351: 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 1352:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 1353: One of the causes of the present high rate of inflation in Nigeria is Options:
  A) increasing budget surplus
  B) increasing factor costs
  C) exchange rate appreciation
  D) high capacity utilization
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  The correct answer is C .
• Question 1354: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
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  The correct answer is C .
• Question 1355: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 1356:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1357:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1358:

  The basic and essential economic problems in a community are related to choice and________

  Options:
  A) Freedom
  B) Scarcity
  C) Social class
  D) Politics
  Show Answer
  The correct answer is B .
• Question 1359: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 1360: A central argument of cardinal utility is that utility is? Options:
  A) measurable
  B) psychological
  C) ranked
  D) intangible
  Show Answer
  The correct answer is A .