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 2591:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 2592: Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as? Options:
  A) proportional tax
  B) progressive tax
  C) competitive tax
  D) excise tax
  E) regressive tax
  Show Answer
  The correct answer is E .
• Question 2593: The major reason why countries strive to achieve optimum growth is to Options:
  A) be self-sufficient
  B) raise general living standards
  C) raise the level of production
  D) reduce aggregate expenditure
  Show Answer
  The correct answer is A .
• Question 2594: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
  Show Answer
  The correct answer is B .
• Question 2595:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2596: If goods were free, a rational consumer would consume? Options:
  A) an infinite amount of each good
  B) the amount where marginal utility became zero
  C) the same amount as when each good had a price
  D) the amount where marginal utility was the highest
  Show Answer
  The correct answer is D .
• Question 2597: Agricultural production in Nigeria is constrained by Options:
  A) ineffective use of stabilization measures
  B) inadequate demand
  C) poor implementation of policies
  D) balance of payments deficits
  Show Answer
  The correct answer is C .
• Question 2598: The price elasticity of supply of perishable goods is_________? Options:
  A) Elastic
  B) Unitary
  C) Inelastic
  D) Zero
  Show Answer
  The correct answer is D .
• Question 2599: In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the Options:
  A) dependency ratio is high
  B) population is optimum
  C) ratio of females to males is high
  D) population is growing at less than equilibrium
  E) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .
• Question 2600:

  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 .