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 2331:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2332: Taxes levied on locally manufactured goods are called Options:
  A) custom duties
  B) excise duties
  C) purchase tax
  D) sales tax
  E) VAT
  Show Answer
  The correct answer is B .
• Question 2333:

  A form of tax that is midly progressive and regressive is_______

  Options:
  A) Proportional tax
  B) Progressive tax
  C) Regressive tax
  D) Digressive tax
  Show Answer
  The correct answer is D .
• Question 2334: The unit for measuring changes in prices and output is called ………………. index Options:
  A) capital
  B) expenditure
  C) income
  D) money
  E) price
  Show Answer
  The correct answer is E .
• Question 2335: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .
• Question 2336: Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria? Options:
  A) A more even development of the different parts of the country will be assured
  B) There will be an unbalanced spread in the distribution of industries
  C) The less developed parts of the country will be able to attract more industries
  D) Only the government will be able to finance the establishment of industries
  Show Answer
  The correct answer is B .
• Question 2337:

  Indicator of underdevelopment is

  Options:
  A) high life expectancy
  B) low birth rate
  C) low population growth rate
  D) low per capita income
  Show Answer
  The correct answer is D .
• Question 2338: A major cause of the slow pace of industrialization in Nigeria is inadequate Options:
  A) raw materials
  B) landmass
  C) skilled labour
  D) communal labour
  Show Answer
  The correct answer is C .
• Question 2339: Who controls a limited liability company ? Options:
  A) The general manager
  B) The managing director
  C) The owner of 51% of shares
  D) The board of directors
  E) The government
  Show Answer
  The correct answer is D .
• Question 2340:

  	Period 1	Period 2
  Family income	₦1000	₦1500
  Expenditure on clothing	₦100	₦200

  In the table, the income elasticity of clothing is

  Options:
  A) 0.5
  B) 2.0
  C) 2.5
  D) 5.0.l
  Show Answer
  The correct answer is B .