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:

  Which of the following persons is engaged in "Secondary Production"?

  I - a bricklayer

  II - an automobile assembly-line worker

  III - an accountant

  IV - a cinema projectionist

  Options:
  A) I only
  B) I, II
  C) II, III
  D) I, II, III, IV
  Show Answer
  The correct answer is B .
• Question 1432: The decision of whether to use labour or capital intensive techniques in production process is a problem of Options:
  A) for whom to produce
  B) how to produce
  C) resource allocation
  D) what to produce
  E) when to produce
  Show Answer
  The correct answer is B .
• Question 1433:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12Determine the equilibrium quantity

  Options:
  A) 14.2
  B) 16.8
  C) 20.8
  D) 30.2
  Show Answer
  The correct answer is D .
• Question 1434: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .
• Question 1435: A major limiting factor of mass production is Options:
  A) efficient management
  B) adequate labour supply
  C) small size of the market
  D) adequate supply of raw materials
  Show Answer
  The correct answer is C .
• Question 1436: A necessary condition for specialization in an economy is the existence of Options:
  A) a regulated market
  B) a competitive market
  C) a medium of exchange
  D) adequate capital
  Show Answer
  The correct answer is D .
• Question 1437: Ad valorem tax means? Options:
  A) a certain percentage tax based on the value of the commodity
  B) a certain percentage tax based on the volume of the commodity
  C) a tax on the income of the consumer
  D) payment of a tax on the profits made
  Show Answer
  The correct answer is A .
• Question 1438:

  Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`

  I Breaking the bulk

  Ii Packing the goods in smaller containers

  Iii Providing vital information

  Iv Grant credit facilities

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) i, ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 1439: Taxes and government expenditures are instrument of? Options:
  A) monetary policy
  B) tax policy
  C) economic policy
  D) fiscal policy
  Show Answer
  The correct answer is D .
• Question 1440:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .