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 1991: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 1992: 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 1993: A production possibility curve shows? Options:
  A) how much of the resources of society are used to produce a particular commodity
  B) the rate of inflation
  C) the rate of unemployment in the economy
  D) the various combinations of two commodities that can be produced
  Show Answer
  The correct answer is D .
• Question 1994: In a public company, shares are? Options:
  A) sold to one person only
  B) distributed freely
  C) advertised to members of the public for subscription
  D) disposed by the Chief Executive
  Show Answer
  The correct answer is C .
• Question 1995: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 1996:

  A firm that closes down will still incur

  Options:
  A) variable cost
  B) fixed cost
  C) total cost
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1997:

  The savings deposit in a commercial bank is called____________?

  Options:
  A) near money
  B) call money
  C) capital
  D) fund
  Show Answer
  The correct answer is C .
• Question 1998: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 1999: The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit? Options:
  A) N 100 000
  B) N 800 000
  C) N 1000 000
  D) N 8000 000
  Show Answer
  The correct answer is B .
• Question 2000:

  The elasticity of demand for a firm's product is 2.

  If the firm reduces its price by 20 percent, its sales revenue will increase by?

  Options:
  A) 10 per cent
  B) 20 per cent
  C) 30 per cent
  D) 40 per cent
  Show Answer
  The correct answer is D .