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 261:

  

  The line labeled M in the diagram above represents

  Options:
  A) total cost
  B) fixed cost
  C) variable cost
  D) average cost
  Show Answer
  The correct answer is B .
• Question 262: The main economic objective behind the production of goods and services in any economy is to? Options:
  A) maximize profits
  B) satisfy human wants
  C) become self reliant
  D) create job opportunities
  E) make people wealthy
  Show Answer
  The correct answer is B .
• Question 263: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is Options:
  A) Progressive
  B) Indirect
  C) Regressive
  D) Proportional
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 264:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 265: A tax that takes an increasing fraction of income as income goes down is called? Options:
  A) conditional
  B) regressive
  C) progressive
  D) proportional
  Show Answer
  The correct answer is B .
• Question 266:

  A country has a population distribution as shown below:

  $\begin{array}{cc}\text{Age Group years}& \text{ Corresponding percentage}\\ \text{Above 60}& 22\\ 15-60& 60\\ 0-14& 15\end{array}$

  The dependency ratio is

  Options:
  A) 3:2
  B) 1:3
  C) 2:3
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 267:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 268: If Mr Wale took a loan for the purpose of investment, the demand for money is________________? Options:
  A) Precautionary motive
  B) Transactionary and Precautionary motive
  C) Speculative motive
  D) Speculative and Transactionary motives
  Show Answer
  The correct answer is C .
• Question 269:

  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 270: An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are? Options:
  A) substitute goods
  B) complementary goods
  C) elastic goods
  D) inelastic goods
  E) inferior goods
  Show Answer
  The correct answer is A .