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 1831:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .
• Question 1832: The main function of the price system is to? Options:
  A) distribute resources equally among competing ends
  B) ensure efficient allocation of resources in the economic system
  C) allocate goods and services equally
  D) minimize cheating
  Show Answer
  The correct answer is B .
• Question 1833: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
  Show Answer
  The correct answer is A .
• Question 1834:

  The PAYE ( Pay As You Earn) in Nigeria is an example of ______

  Options:
  A) Flat rate Tax
  B) Community tax
  C) Regressive tax
  D) Progressive tax
  Show Answer
  The correct answer is D .
• Question 1835:

  The number of people who are qualified to work and who offer themselves for employment is called____________?

  Options:
  A) Migrant labour
  B) Working population
  C) Labor turnover
  D) Mobility of Labour
  Show Answer
  The correct answer is B .
• Question 1836: Completely competitive market exist when each member is a — Options:
  A) price maker
  B) price taker
  C) price seeker
  D) a and b
  Show Answer
  The correct answer is B .
• Question 1837:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 1838: The basic economic problems of the society include? Options:
  A) what to produce, how and for whom
  B) how to produce and sell
  C) scarcity, when to produce and how
  D) scarcity, for whom to produce and where
  Show Answer
  The correct answer is A .
• Question 1839: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 1840: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
  Show Answer
  The correct answer is A .