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:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1612:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 1613:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 1614: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 1615:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 1616: The burden of tax on a commodity whose demand is infinitely inelastic Options:
  A) is zero
  B) will be borne by the seller alone
  C) will be borne by the buyer alone
  D) will be borne by both buyer and seller
  E) is impossible to tell who bears it
  Show Answer
  The correct answer is C .
• Question 1617: Which of the following is NOT a function of Nigeria commercial Banks? Options:
  A) Acceptance of deposit
  B) Lending of money
  C) Investment in securities and business
  D) Issue of currency
  E) Selling and buying of travellers cheques
  Show Answer
  The correct answer is D .
• Question 1618:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 1619:

  The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

  Options:
  A) Principle of economy
  B) Principle of convenience
  C) Principle of simplicity
  D) Principle of certainty
  Show Answer
  The correct answer is D .
• Question 1620: Progressive income tax can be expressed as Options:
  A) tax that falls as income rises
  B) tax that rises as income falls
  C) tax that is independent of income
  D) tax that rises as income rises
  E) tax that is neutral to income
  Show Answer
  The correct answer is D .