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 151: A greater burden of the taxes on essential goods is borne by the? Options:
  A) middle income group
  B) higher income group
  C) lower income group
  D) people falling between the middle and higher income groups
  E) top few richest people of the country
  Show Answer
  The correct answer is C .
• Question 152:

  The demand for money will fall if

  Options:
  A) People expect deflation soon
  B) Real GDP rises
  C) Real interest rates rise
  D) The GDP deflator rises
  Show Answer
  The correct answer is C .
• Question 153: Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct? Options:
  A) The value of industrial exports is declining
  B) The value of industrial imports is constant
  C) The share of agricultural exports is increasing
  D) The share of agricultural export is decreasing
  E) The value of mineral export is declining
  Show Answer
  The correct answer is D .
• Question 154:

  Which of the following countries is not a member of the Economic Community of West African States?

  Options:
  A) Sudan
  B) Gambia
  C) Togo
  D) Nigeria
  Show Answer
  The correct answer is A .
• Question 155:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 156: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 157: One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by? Options:
  A) Prof. Paul Samuelson
  B) Adam Smith
  C) David Ricardo
  D) Rev. Thomas Malthus
  E) Prof. Ojetuuji Aboyade
  Show Answer
  The correct answer is D .
• Question 158:

  A major determinant of the demand for a luxury good is____________?

  Options:
  A) the price of other goods
  B) the price of the good
  C) tastes and fashion
  D) the income of consumers
  Show Answer
  The correct answer is A .
• Question 159:

  The full meaning of NNPC is?

  Options:
  A) Nigerian National Population commission
  B) Nigerian National Petroleum Corporation
  C) National Number of Petroleum Companies
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 160: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .