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 1511: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 1512: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 1513:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1514:

  The use of the bank rate, cash ratio and open market operations constitute

  Options:
  A) fiscal policy
  B) monetary policy
  C) import policy
  D) export policy
  Show Answer
  The correct answer is B .
• Question 1515: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 1516:

  If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for ₦500, what will be United Kingdom's exchange rate with Nigeria?

  Options:
  A) $0.05 = ₦1.00
  B) $0.06 = ₦1.00
  C) $0.11 = ₦1.00
  D) $0.12 = ₦1.00
  Show Answer
  The correct answer is D .
• Question 1517: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 1518: What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? Options:
  A) Deregulation
  B) import substitution
  C) Tariff reduction
  D) Backward integration
  Show Answer
  The correct answer is B .
• Question 1519: The system of farming which involves the use of a large hectare of land planted with economic crops is known as Options:
  A) cooperative farming
  B) mechanized farming
  C) peasant farming
  D) plantation farming
  E) tree planting
  Show Answer
  The correct answer is B .
• Question 1520: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
  Show Answer
  The correct answer is B .