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 2341: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 2342:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12Determine the equilibrium quantity

  Options:
  A) 14.2
  B) 16.8
  C) 20.8
  D) 30.2
  Show Answer
  The correct answer is D .
• Question 2343: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• Question 2344:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2345:

  

  The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

  Options:
  A) The supply curve will shift from S_oS_o to S₂S₂
  B) The supply curve will shift from S_oS_o to S₁S₁
  C) The supply curve will shift fromS ₂S₂ to S₁S₁
  D) The supply curve will shift from S₁S₁ to S_oS_o
  E) The demand curve will shift from D_oD_o to D₁D₁
  Show Answer
  The correct answer is A .
• Question 2346: The term ceteris paribus implies that Options:
  A) Resources are scarce
  B) Human problems can be solved
  C) Human beings are unpredictable
  D) All factors are fully utilized
  Show Answer
  The correct answer is D .
• Question 2347: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 2348: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 2349: Which of the following is NOT a function of taxation? Options:
  A) make few people rich in the country
  B) raise revenue for the government
  C) redistribution of income
  D) reduces production and consumption of harmful goods
  E) used as anti-inflationary device
  Show Answer
  The correct answer is D .
• Question 2350: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .