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 1561: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 1562: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 1563: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
  Show Answer
  The correct answer is B .
• Question 1564:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 1565:

  

  From the diagram above, a shift in the demand curve from D_oD_o to D₁D₁ implies

  Options:
  A) a rise in the demand for the commodity
  B) a fluctuation in the demand for the commodity
  C) a fall in the demand for the commodity
  D) an equilibrrium in the demand for the commodity
  Show Answer
  The correct answer is A .
• Question 1566: The budget of Nigeria will be deficit if Options:
  A) revenue expenditure exceeds the revenue receipts
  B) capital expenditure exceeds the capital receipts
  C) revenue and capital receipts exceeds revenue and capital receipts
  D) the government is spending more than its receipts
  E) all of the above
  Show Answer
  The correct answer is D .
• Question 1567:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .
• Question 1568: The use of legally permissible means to reduce tax liabilities is known as tax? Options:
  A) evasion
  B) avoidance
  C) reliefs
  D) exemption
  Show Answer
  The correct answer is B .
• Question 1569: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for Options:
  A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
  B) evolving an acceptable wage for public servants
  C) evolving an acceptable revenue-sharing formula
  D) ensuring equity in the sharing of fiscal responsibilities
  Show Answer
  The correct answer is C .
• Question 1570:

  An electrical engineer who is teaching physics in a secondary school is said to be

  Options:
  A) under-employed
  B) unemployed
  C) fully employed
  D) technologically unemployed
  Show Answer
  The correct answer is A .