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 2111:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2112: The burden of tax on a commodity whose demand is infinitely inelastic Options:
  A) is zero
  B) will be borne by the seller alone
  C) will be borne by the buyer alone
  D) will be borne by both buyer and seller
  E) is impossible to tell who bears it
  Show Answer
  The correct answer is C .
• Question 2113:

  One of the advantages of large - scale production is that

  Options:
  A) There is a rise in the cost of administration
  B) Consumers sacrifice their individual tastes
  C) The firm can use labour - saving machinery
  D) The demand for a firm's products become localized
  E) Decision making takes a long time because different levels of management are involved
  Show Answer
  The correct answer is C .
• Question 2114: The OPEC marketing policy of fixing minimum price allows members to Options:
  A) sell above minimum price
  B) sell below minimum price
  C) determine the price and quantity to sell
  D) negotiate price with customers
  Show Answer
  The correct answer is A .
• Question 2115: Which of the following is NOT a measure for controlling inflation? Options:
  A) Reduction in money supply
  B) Wage restraint and wage freeze
  C) Reduction in taxes and increase in government spending
  D) price control
  E) Credit restriction
  Show Answer
  The correct answer is C .
• Question 2116:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2117: What does the accelerator principles state? Options:
  A) Consumption is a function of the rate of change of income
  B) income is a function of the rate of change of investment
  C) Investment is a function of the rate of change of income
  D) Investment is a function of the rate of interest
  Show Answer
  The correct answer is C .
• Question 2118: If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be? Options:
  A) less than zero
  B) decreasing
  C) constant
  D) increasing
  Show Answer
  The correct answer is B .
• Question 2119: The monetary system that requires double coincidence of want is known as? Options:
  A) the gold standard
  B) barter
  C) the commodity system
  D) the gold exchange standard
  E) the cheque system
  Show Answer
  The correct answer is B .
• Question 2120: Which of the following producer is closest to being a monopolist? Options:
  A) A baker
  B) A wheat farmer
  C) A large chain store
  D) An automobile plant
  Show Answer
  The correct answer is D .