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 2281: Which of the following statement is TRUE of the effect of changes in demand and supply on price? Options:
  A) A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  B) An increase in demand will lead to a fall in price and quantity bought and sold
  C) A decrease in demand will lead to a rise in price and in the quantity bought and sold
  D) An increase in supply will lead to a fall price and a rise in the quantity bought and sold
  Show Answer
  The correct answer is D .
• Question 2282:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the mean?

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 27.2
  Show Answer
  The correct answer is B .
• Question 2283: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
  Show Answer
  The correct answer is E .
• Question 2284: The best technical description of a progressive tax is a? Options:
  A) tax which takes more money from the rich than from the poor
  B) more equitable tax than aggressive one
  C) tax which takes a higher proportion of extra naira received as income rises
  D) tax which falls directly on those in the high income brackets
  Show Answer
  The correct answer is C .
• Question 2285:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 2286: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 2287: Which of the following is NOT true of debentures and debenture holders? Options:
  A) Debentures are instruments for rising long-term capital by limited liability companies
  B) Debenture are fixed interest-bearing securities with specified maturity dates
  C) Debentures holders are creditors to the company and therefore do not share in the risk of the company
  D) Debenture holders are entitled to interest payments whether or not profits are made
  E) Preference shareholders recieve their share of profits before debenture holders receive their entitlements
  Show Answer
  The correct answer is E .
• Question 2288: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .
• Question 2289: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 2290:

  By utility we mean________

  Options:
  A) Uselessness
  B) Power of satisfying a want
  C) Beneficial
  D) Consumable
  Show Answer
  The correct answer is B .