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 241: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
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  The correct answer is B .
• Question 242: To discourage the consumption of harmful commodities, government should tax such commodities if they have Options:
  A) elastic demand
  B) inelastic demand
  C) negative demand
  D) positive demand
  E) unitary demand
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  The correct answer is B .
• Question 243: Data presented in a circular chart is known as Options:
  A) circular chart
  B) component chart
  C) histogram
  D) pictograph
  E) pie chart
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  The correct answer is E .
• Question 244: One of the functions of the commercial banks is that it is? Options:
  A) responsible for monetary policy
  B) responsible for issuing currency notes
  C) the lender of last resort
  D) the banker of the government
  E) a banker of demand and time deposits of customers
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  The correct answer is E .
• Question 245:

  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
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  The correct answer is A .
• Question 246: If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500. Options:
  A) y > 300
  B) y > 250
  C) y > 200
  D) y > 150
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  The correct answer is C .
• Question 247: Disposable income is the same thing as Options:
  A) personal income minus personal savings
  B) personal inome minus taxes
  C) national income minus depriciation
  D) exports minus imports
  E) savings plus investments
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  The correct answer is B .
• Question 248: Securities are described as listed when they are Options:
  A) mobilished as long-term debt instruments
  B) traded on a recognised stock market
  C) bought and sold purely for development purposes
  D) mobilized as short-term debt instruments
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  The correct answer is B .
• Question 249:

  The elasticity of demand for a firm's product is 2.

  If the firm reduces its price by 20 percent, its sales revenue will increase by?

  Options:
  A) 10 per cent
  B) 20 per cent
  C) 30 per cent
  D) 40 per cent
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  The correct answer is D .
• Question 250: In a planned economy, the emphasis is on Options:
  A) public ownership and control
  B) prices and competition
  C) individual choices and decisions
  D) private ownership and control
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  The correct answer is A .