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: The deregulation of telecommunication services in Nigeria is a characteristic of Options:
  A) command economy
  B) traditional economy
  C) market economy
  D) feudal economy
  Show Answer
  The correct answer is C .
• Question 2332: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ? Options:
  A) debentures
  B) preference shares
  C) ordinary shares
  D) participating preference shares
  E) old shares
  Show Answer
  The correct answer is C .
• Question 2333: Localization of industry is encouraged because of Options:
  A) Low interest charges on loans
  B) High standard of living
  C) Low foreign exchange rate
  D) Improvements in infrastructure
  Show Answer
  The correct answer is D .
• Question 2334: When an indirect tax is levied on the producer of a good, the burden on the consumer will depend largely on the? Options:
  A) elasticity of demand for the good
  B) proportion of the consumer's income spent on the good
  C) elasticities of demand and supply of the commodity
  D) availability of substitiutes for the commodity
  Show Answer
  The correct answer is A .
• Question 2335: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
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  The correct answer is D .
• Question 2336:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 2337: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 2338: An nation's distribution of income shows? Options:
  A) the value of all goods produce inthe economy
  B) how income is divided among different groups
  C) where the economy system is on its production possibility curve
  D) the consumption behaviour of the people
  Show Answer
  The correct answer is B .
• Question 2339: The burden of tax on a commodity whose demand is infinitely inelastic Options:
  A) is zero
  B) will be borne by the seller alone
  C) will be borne by the buyer alone
  D) will be borne by both buyer and seller
  E) is impossible to tell who bears it
  Show Answer
  The correct answer is C .
• Question 2340: The most important requirement for increasing agriculture output in Nigeria is? Options:
  A) for the government to go into large scale farming
  B) to employ relevant foreign technology and reform the land tenure system
  C) to increase farmers'incomes and improve the farming techniques
  D) to employ more extension workers
  Show Answer
  The correct answer is C .