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 1541: The relationship between the cost of living and standard of living is Options:
  A) A rise in cost of living gives a corresponding rise in standard of living
  B) A lower cost of living give a higher standard of living
  C) A lower cost of living give a lower standard of living
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 1542: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .
• Question 1543:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1544: For normal goods the income elasticity of demand is? Options:
  A) positive
  B) negative
  C) zero
  D) infinite
  Show Answer
  The correct answer is A .
• Question 1545: Which of the following source of income is spectacular only to Government ? Options:
  A) Payment from business transfer
  B) Bonuses
  C) Tax
  D) Wages
  Show Answer
  The correct answer is C .
• Question 1546: Which of the following combinations is a veritable set of development indicators? Options:
  A) Growth of governemnt expenditure and imports
  B) Growth of population and national income
  C) High fertility, literacy and school enrolment rates
  D) Low infant mortality and high per capital income and literacy rates
  Show Answer
  The correct answer is D .
• Question 1547:

  External economies arises essentially from__________

  Options:
  A) a firm's individual policies
  B) localisation of industry
  C) government economic policy
  D) free transferability of shares
  Show Answer
  The correct answer is B .
• Question 1548: One way of correcting the balance of payments problem of a country is to? Options:
  A) introduce import-promotion measures
  B) buy investments abroad
  C) devalue the currency
  D) de-emphasize import-substitution industries
  Show Answer
  The correct answer is B .
• Question 1549:

  

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by

  Options:
  A) Curves Z and Y
  B) Curve X
  C) Curve Z
  D) Curve Y
  Show Answer
  The correct answer is C .
• Question 1550: Economics is a science which deals basically with Options:
  A) the factors of production
  B) allocation of scarce resources
  C) oil exportation
  D) the gross domestic product (GDP)
  E) national income
  Show Answer
  The correct answer is B .