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 2121:

  The use of legally permissible means to reduce tax liabilities is known as tax?

  Options:
  A) evasion
  B) avoidance
  C) relief
  D) exemption
  Show Answer
  The correct answer is C .
• Question 2122: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
  Show Answer
  The correct answer is A .
• Question 2123: 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 2124: If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is? Options:
  A) 0.33
  B) 0.0001
  C) 1
  D) 10,000
  Show Answer
  The correct answer is C .
• Question 2125: A buyer who haggles in the market is applying the principle of Options:
  A) choice
  B) price mechanism
  C) opportunity cost
  D) utilty maximization
  Show Answer
  The correct answer is D .
• Question 2126: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 2127:

  The marginal propensity to consume is

  Options:
  A) Options B, C and D
  B) ΔC/ΔY
  C) The slope of the consumption function
  D) Coefficient c in the equation C = C + cYd
  Show Answer
  The correct answer is A .
• Question 2128: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
  Show Answer
  The correct answer is D .
• Question 2129:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 2130:

  Which of the following is NOT one of the characteristics of developing countries?

  Options:
  A) High unemployment
  B) Mono- product economy
  C) High capital formation
  D) Low saving
  Show Answer
  The correct answer is B .