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 2261:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 2262: A major reason for having national development plans is to Options:
  A) ensure efficient use of available resources
  B) involve people in national programmes
  C) make government spend more on production
  D) ensure that more citizens are involved in planning
  Show Answer
  The correct answer is A .
• Question 2263:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2264: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 2265:

  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 2266: Nigeria is currently implementing the? Options:
  A) third development plan
  B) second development plan
  C) fourth development plan
  D) fifth development plan
  Show Answer
  The correct answer is C .
• Question 2267: In Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 2268: If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is? Options:
  A) normal
  B) elastic
  C) inelastic
  D) abnormal
  Show Answer
  The correct answer is C .
• Question 2269: Personal income tax as a source of government revenue is increased when the Options:
  A) tax rate is raised
  B) tax system is proportional
  C) retirement age is reduced
  D) tax base is contracted
  Show Answer
  The correct answer is A .
• Question 2270:

  The Economic Commission for Africa was set up by the_________

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .