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 2141: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 2142:

  The lands that belong to the community is referred to as__________

  Options:
  A) sacred land
  B) individual land
  C) communal land
  D) rent land
  Show Answer
  The correct answer is C .
• Question 2143: Which is NOT an important factor responsible for high concentration of population in some part of Nigeria? Options:
  A) Climate influences
  B) Development of trade and markets
  C) Soil fertility
  D) Processing of petroleum oil
  E) Concentration of educational facilities
  Show Answer
  The correct answer is D .
• Question 2144:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
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  The correct answer is B .
• Question 2145:

  Money could be defined as

  Options:
  A) Options A, B and C
  B) Medium of exchange
  C) Settlement of debt
  D) Medium of payment
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  The correct answer is A .
• Question 2146:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 2147: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
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  The correct answer is B .
• Question 2148: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
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  The correct answer is E .
• Question 2149: Which of the following is not a component of national income at factor cost? Options:
  A) Wages earned by doctor
  B) Rent paid to landlords
  C) Indirect tax
  D) Undistributed company profits
  E) Interest on loan
  Show Answer
  The correct answer is C .
• Question 2150: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
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  The correct answer is A .