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 191:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 192: By ‘trade by barter’, we mean Options:
  A) Trade done by people in the village
  B) Exchange of goods for money
  C) International trade
  D) Exchange of goods for goods
  E) The trade of the middle ages
  Show Answer
  The correct answer is D .
• Question 193: Demand for money for speculative purposes means? Options:
  A) buying goods and services whose prices have risen
  B) keeping money for unforseen expenditure
  C) buying financial assets because of possible gains
  D) buying real estate
  E) keeping money for a rainy day
  Show Answer
  The correct answer is C .
• Question 194:

  A characteristic common to partnership and sole proprietorship is

  Options:
  A) limited liability
  B) accessibility to loan
  C) transferability of shares
  D) unlimited liability
  Show Answer
  The correct answer is D .
• Question 195: The difference between personal income and personal disposal income is? Options:
  A) personal income tax
  B) investment income
  C) personal savings
  D) consumption expenditure
  Show Answer
  The correct answer is A .
• Question 196: An important function of the retailer is to? Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 197: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 198: An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry. Options:
  A) construction
  B) conversion
  C) manufacturing
  D) mining
  E) processing
  Show Answer
  The correct answer is C .
• Question 199:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 200: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
  Show Answer
  The correct answer is B .