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 2161:

  The privatization exercise in Nigeria is a move towards a____________

  Options:
  A) command economy
  B) mixed economy
  C) subsistence economy
  D) market economy
  Show Answer
  The correct answer is D .
• Question 2162: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
  Show Answer
  The correct answer is B .
• Question 2163: Government in West Africa countries engage in running a number of enterprises because ? Options:
  A) Large amount of capital are needed and key industries should not be left in private hands
  B) Private capital would not established an adequate infrastructure
  C) It brings about a more even distribution of the country’s wealth
  D) The social costs of some enterprises make the government the most suitable body to set them up
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 2164:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 2165:

  Institutions serving as links between surplus and deficit units can be identified as

  Options:
  A) tax officers
  B) pension offices
  C) financial intermediates
  D) acceptance houses
  Show Answer
  The correct answer is C .
• Question 2166: The marketing of agricultural commodities in Nigeria is hampered by Options:
  A) lack of adequate storage facilities
  B) the existence of farmers' associations
  C) the existance of commodity exchange
  D) the abolition of marketing boards
  Show Answer
  The correct answer is A .
• Question 2167: What is meant by labour supply? Options:
  A) Number of people in working population
  B) Number of men and hours they work
  C) Number of hours during which the middle aged persons work
  D) Number of workforce multiplied by the hours they work
  Show Answer
  The correct answer is A .
• Question 2168: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
  Show Answer
  The correct answer is D .
• Question 2169:

  In order to increase revenue, government should tax commodities for which demand is

  Options:
  A) perfectly price inelastic
  B) price inelastic
  C) price elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 2170: A major obstacle to economic development is? Options:
  A) a rise in industrial output
  B) low farm productivity
  C) free trade
  D) ineffective trade unions
  Show Answer
  The correct answer is B .