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 1431: The main industrial cities in Nigeria are Options:
  A) Ikeja, Kano, Onitsha and Port-Harcourt
  B) Kaduna, Dutse, Ogbomoso a Calabar
  C) Kano, Ilesa, Vadeikya and Afikpo
  D) Maiduguri, Ikote Ekiti, Moniya and Akungba
  E) Mokwa, Ijebu-ode, Warri and Gummel
  Show Answer
  The correct answer is A .
• Question 1432: A major objective of the Federal Government's initiative on cassava production in Nigeria is to Options:
  A) diversify the export base of the economy
  B) ensure the availability of cassava
  C) make cassava a staple food in the country
  D) provide raw materials for industries
  Show Answer
  The correct answer is A .
• Question 1433: The economic policy of privatization came up as a result of the poor performance of Options:
  A) commercial banks
  B) small-scale businesses
  C) public enterprises
  D) private enterprises
  Show Answer
  The correct answer is C .
• Question 1434: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .
• Question 1435:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1436: Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is Options:
  A) Direct
  B) Progressive
  C) Regressive
  D) Proportional
  Show Answer
  The correct answer is B .
• Question 1437: The fixing of the price of an item above or below the equilibrium price is most likely to take place in a? Options:
  A) centrally planned economy
  B) free market economy
  C) developed economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 1438:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .
• Question 1439: A tax on a commodity whose supply is perfectly inelastic is? Options:
  A) shifted completely on the consumer
  B) completely borne by the supplier
  C) dividend in the ratio 60;40 between the consumer and the supplier
  D) divided half-and-half between the producer and the consumer
  Show Answer
  The correct answer is B .
• Question 1440: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is A .