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 1641: An increasing population might be of economic benefit to a country if? Options:
  A) the female population is greater than the male population
  B) the dependency ratio is increasing as the total population increases
  C) a continuosly higher proportion falls into working class category
  D) the rural and urban proportion ae balanced
  Show Answer
  The correct answer is C .
• Question 1642:

  The main concern of economists is to________-

  Options:
  A) Control the growth of population
  B) Redistribute income between the rich and poor
  C) Satisfy all human wants
  D) Allocate scarce resources to satisfy human wants
  Show Answer
  The correct answer is D .
• Question 1643: Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is Options:
  A) Direct
  B) Progressive
  C) Regressive
  D) Proportional
  Show Answer
  The correct answer is B .
• Question 1644:

  

  The relationship between tax rate and income which is relevant to a progressive tax is shown by

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 1645: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 1646: In the normal channels of distribution the breaking of bulk is performed by the Options:
  A) producer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is B .
• Question 1647: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 1648: If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is? Options:
  A) 50 oranges
  B) 10 oranges
  C) 5 oranges
  D) 9.80
  Show Answer
  The correct answer is A .
• Question 1649:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 1650: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .