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 1611:

  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 1612: The burden of a government tax on a commodity whose demand is inelastic will Options:
  A) be borne only by the government
  B) fall more heavily on consumers
  C) be shared equally between consumers and producers
  D) fall more heavily on producers
  Show Answer
  The correct answer is B .
• Question 1613: Normative economics deals with? Options:
  A) what is and not what should be
  B) facts and not figures
  C) facts and figures
  D) value judgements
  Show Answer
  The correct answer is D .
• Question 1614:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1615: country is said to be overpopulated when Options:
  A) the resocurce are more than enough to cater for the population
  B) the size of the population is greater than the annual budget
  C) the resources are inadequate to cater for the population
  D) there are too many able-bodied men and women in the country
  Show Answer
  The correct answer is C .
• Question 1616: Which of the following goods are NOT examples of joint supply? Options:
  A) Beef and hides
  B) fuel and kerosene
  C) Palm oil and kernel
  D) Tea and coffee
  E) Wool and Mutton
  Show Answer
  The correct answer is D .
• Question 1617: A capital market differs from the money market in that in the former? Options:
  A) loan sought is short term
  B) loan reayment is guaranteed
  C) loan sought is long term
  D) the percentage of interest chargedis more
  Show Answer
  The correct answer is C .
• Question 1618: When public enterprises become commercialized, it means that? Options:
  A) the product of the enterprises are further subsidized
  B) they are expected to operate with the primary aim of making profits
  C) the government has decided to divest itself of such enterprises
  D) the staff of the enterprises will be laid off
  Show Answer
  The correct answer is B .
• Question 1619: A change in demand for a normal good means Options:
  A) a shift in the demand curve
  B) a change in the price changes
  C) a movement along a given demand curve
  D) a change in the price elasticity
  Show Answer
  The correct answer is A .
• Question 1620:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .