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 2101:

  A movement along a given demand curve for a good is caused by a change in

  Options:
  A) A consumer income
  B) The price of the good
  C) Taste
  D) The prices of other goods
  E) Population
  Show Answer
  The correct answer is B .
• Question 2102:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 2103: Which of the following is a correct definition of equilibrium price? Options:
  A) A price which covers production cost
  B) A price which maximizes entreprenuer's profits
  C) A price at which the quantity demanded equals the quantity supplied
  D) A price at which a competitive firm is at equilibrium
  E) A price which stabilizes farmer's income
  Show Answer
  The correct answer is C .
• Question 2104: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .
• Question 2105: Which of the following is a direct tax? Options:
  A) Sales tax
  B) Purchase tax
  C) Export duties
  D) property tax
  Show Answer
  The correct answer is D .
• Question 2106:

  Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

  Options:
  A) N20m
  B) N380m
  C) N200m
  D) N180m
  Show Answer
  The correct answer is B .
• Question 2107:

  The establishment of industries in rural areas will help to reduce____________-

  Options:
  A) Urban-Rural migration
  B) Rural-Urban migration
  C) Rural-Rural migration
  D) Urban-Urban migration
  Show Answer
  The correct answer is B .
• Question 2108: The following are Methods of measuring National Income of a country EXCEPT; ? Options:
  A) Expenditure method
  B) Consumption method
  C) Input Method
  D) Output method
  Show Answer
  The correct answer is B .
• Question 2109:

  An industry is

  Options:
  A) A group of firms producing differentiated products
  B) A group of firms producing distinct commodities
  C) A group of firms producing related goods
  D) A group of firms producing unrelated goods
  Show Answer
  The correct answer is C .
• Question 2110: The major objective of economic growth is to? Options:
  A) redistribute income and other benefits of growth
  B) equalize opportunities for education and employment
  C) increase the aggregate expenditure on goods and services
  D) increase real per capital income
  Show Answer
  The correct answer is D .