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 1931:

  

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The tax imposed is borne

  Options:
  A) totally by the consumer
  B) totally by the producer
  C) equally by both the consumer and the producer
  D) by the the government
  Show Answer
  The correct answer is A .
• Question 1932: In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to Options:
  A) increase price
  B) reduce output
  C) reduce price
  D) retain price
  Show Answer
  The correct answer is C .
• Question 1933: The primary objective of establishing the Export Process Zone is to? Options:
  A) facilitate agricultural production
  B) encourage the production and processing of export commodities
  C) erect imported raw materials
  D) erect economic structures near the port
  Show Answer
  The correct answer is B .
• Question 1934:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 1935:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 1936:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .
• Question 1937:

  

  The maximum number of workers that should be hired is

  Options:
  A) 2
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is C .
• Question 1938: Government can boost agricultural output in Nigeria primarily by Options:
  A) embarking on buffer stock programmes
  B) placing embargo on food importation
  C) granting subsidies on farm inputs
  D) placing farmers on monthly income
  Show Answer
  The correct answer is C .
• Question 1939: The choice of how to produce in a command economy is determined by Options:
  A) government
  B) consumer
  C) industrialists
  D) labour unions
  Show Answer
  The correct answer is A .
• Question 1940:

  

  In the table above, the price of commodity y is ₦2 and that of x is ₦1 while the individual has an income of ₦12. Determine the combination of the two commodities the individual should consume to maximize his utility

  Options:
  A) 3y and 3x
  B) 6y and 4x
  C) 3y and 6x
  D) 5y and 5x
  Show Answer
  The correct answer is C .