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 1871: The loans from the World Bank to developing countries are mainly to support? Options:
  A) the establishment of more universities
  B) capital-intensive technology
  C) infrastructural investments
  D) their low level of consumption
  Show Answer
  The correct answer is C .
• Question 1872:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1873: An upward review of the retirement age will affect the Options:
  A) wage rate
  B) demand for labour
  C) supply of labour
  D) tax rate
  Show Answer
  The correct answer is C .
• Question 1874: The price elasticity of supply of perishable goods is_________? Options:
  A) Elastic
  B) Unitary
  C) Inelastic
  D) Zero
  Show Answer
  The correct answer is D .
• Question 1875:

  

  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 1876: A greater burden of the taxes on essential goods is borne by the Options:
  A) lower income group
  B) higher income group
  C) contract workers
  D) newly recruited workers
  Show Answer
  The correct answer is A .
• Question 1877:

  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 1878: Patents and copyrights enable monopolists to Options:
  A) determine the quality of their products
  B) determine the scale of their products
  C) restrict information flow to new firms
  D) restrict entry of new firms
  Show Answer
  The correct answer is B .
• Question 1879: The movement of goods and services from the producers to the consumers is referred to as Options:
  A) external trade
  B) the distribution chain
  C) the circular flow
  D) consumption
  Show Answer
  The correct answer is B .
• Question 1880:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .