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 2541:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.The two commodities can be classified as?

  Options:
  A) Substitutes
  B) durable and non-durable
  C) intermediate and final
  D) complements
  Show Answer
  The correct answer is A .
• Question 2542: Statutory organisations usually established by Acts of Parliament are called Options:
  A) public corporations
  B) cooperative societies
  C) joint-stock companies
  D) public enterprises
  Show Answer
  The correct answer is A .
• Question 2543:

  If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

  Options:
  A) substitutes
  B) complements
  C) inferior goods
  D) bought together
  Show Answer
  The correct answer is A .
• Question 2544: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 2545:

  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 2546:

  In a sole proprietorship, the decisions are made by the ______

  Options:
  A) Government
  B) Management
  C) Owner
  D) Board of Directors
  Show Answer
  The correct answer is C .
• Question 2547: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 2548: 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 2549: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B .
• Question 2550:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .