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 2181: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .
• Question 2182: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 2183:

  The PAYE ( Pay As You Earn) in Nigeria is an example of ______

  Options:
  A) Flat rate Tax
  B) Community tax
  C) Regressive tax
  D) Progressive tax
  Show Answer
  The correct answer is D .
• Question 2184:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 2185: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
  Show Answer
  The correct answer is B .
• Question 2186: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 2187: In the national income and product accounts, double counting is avoided if? Options:
  A) only final goods counted
  B) only intermediate goods are counted
  C) only intermediate and final goods are counted
  D) the value of all goods and services are added together
  Show Answer
  The correct answer is A .
• Question 2188: Which of the following methods is most likely to lead an economy? Options:
  A) An increase in wages and profits
  B) An increase in consumer demand
  C) A greater fraction of national Product going into investment
  D) A countinuous rise in bank loans
  Show Answer
  The correct answer is C .
• Question 2189:

  As a factor of production, the reward for land is?

  Options:
  A) Profit
  B) Interest
  C) Rent
  D) Wage
  Show Answer
  The correct answer is C .
• Question 2190: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .