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 231: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
  Show Answer
  The correct answer is D .
• Question 232: The main source of government revenue in Nigeria is Options:
  A) import duties
  B) rents and royalties
  C) company income tax
  D) capital gains tax
  Show Answer
  The correct answer is A .
• Question 233: Which is NOT a cause of high population growth in Nigeria? Options:
  A) Family planing Unit of Nigeria
  B) Improve medical facilities
  C) Reduction in death rate
  D) Improve hygiene
  E) Increased birth rate
  Show Answer
  The correct answer is A .
• Question 234:

  

  In the diagram above, the price P₂ in price control situation, is referred to as

  Options:
  A) minimum price
  B) markup price
  C) maximum price
  D) mark-down price
  Show Answer
  The correct answer is C .
• Question 235:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 236: In an open economy, the GNP is measured as Options:
  A) C+I+G+X
  B) C+I+G+(X-M)
  C) C+I+G+M
  D) C+I+G
  Show Answer
  The correct answer is B .
• Question 237:

  Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  Options:
  A) Monopoly
  B) Oligopoly
  C) Monopolistic competition
  D) Perfect competition
  Show Answer
  The correct answer is B .
• Question 238: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 239:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 240: 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 .