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 1521: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 1522: A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax. Options:
  A) direct
  B) indirect
  C) progressive
  D) proportional
  E) regressive
  Show Answer
  The correct answer is D .
• Question 1523:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1524: The disposable income of Uche increases by N10 million and her marginal propensity to consume also goes up to 0.6 how much of the additional income will she save? Options:
  A) N40,000
  B) N400,000
  C) N600,000
  D) N4,000,000
  E) N6,000,000
  Show Answer
  The correct answer is D .
• Question 1525:

  From the diagram shown, the optional point of production is_____________?

  Options:
  A) R
  B) T
  C) S
  D) U
  Show Answer
  The correct answer is C .
• Question 1526: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .
• Question 1527: An account from which allocations are made to the three tier of government in Nigeria is called the? Options:
  A) National Income Account
  B) Public Sector
  C) Federation account
  D) National Revenue Mobilization Account
  Show Answer
  The correct answer is C .
• Question 1528: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .
• Question 1529: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .
• Question 1530: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C .