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 1391: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year Options:
  A) The population increased by 2.25million
  B) There were 2.25 million live births
  C) The government have to make provisions for 2.25 million children
  D) 2.25 million - children were born
  Show Answer
  The correct answer is A .
• Question 1392:

  

  What type of price elasticity of demand is the diagram above representing?

  Options:
  A) perfectly inelastic demand
  B) perfectly elastic demand
  C) fairly elastic demand
  D) composite demand
  Show Answer
  The correct answer is A .
• Question 1393: The joint ventures operating in the Nigerian oil industry are between? Options:
  A) the NNPC and independent marketers
  B) the NNPC and multinational marketers
  C) the NNPC and producer marketers
  D) multinational corperations and independent marketers
  Show Answer
  The correct answer is C .
• Question 1394: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
  Show Answer
  The correct answer is A .
• Question 1395:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 1396: The frequent value that occurs most in a data is Options:
  A) median
  B) mean
  C) mode
  D) range
  Show Answer
  The correct answer is C .
• Question 1397: An example of a regressive tax is? Options:
  A) the personal income tax
  B) the graduated corporation income tax
  C) a general sales tax
  D) the inheritance tax
  E) the excise tax
  Show Answer
  The correct answer is C .
• Question 1398: Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as? Options:
  A) proportional tax
  B) progressive tax
  C) competitive tax
  D) excise tax
  E) regressive tax
  Show Answer
  The correct answer is E .
• Question 1399: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
  Show Answer
  The correct answer is B .
• Question 1400: The family Support Programme in Nigeria essentially focuses on? Options:
  A) the generation of employment
  B) the alleviation of poverty
  C) agricultural and industrial development
  D) economic emancipation of women
  Show Answer
  The correct answer is D .