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 most important attribute of money is? Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptability
  Show Answer
  The correct answer is D .
• Question 262:

  Among the disadvantages of the one-man business is the fact that______

  Options:
  A) its capital may not be increased without government permission
  B) the proprietor is personally liable for the firm's debts
  C) the proprietor is not able to obtain credit
  D) the proprietor may not sue for bad debts
  Show Answer
  The correct answer is B .
• Question 263:

  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 .
• Question 264: Which of the following is not an indirect tax? Options:
  A) excise duty
  B) company tax
  C) import duty
  D) export duty
  E) sales tax
  Show Answer
  The correct answer is B .
• Question 265:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 266:

  Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  Options:
  A) scarce
  B) unlimited
  C) free
  D) many
  Show Answer
  The correct answer is A .
• Question 267: When a country's population is experiencing increase returns, that country is said to be? Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) underpopulated
  Show Answer
  The correct answer is A .
• Question 268: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 269: The PAYE (Pay As You Earn) in Nigeria is an example of? Options:
  A) indirect tax
  B) progressive tax
  C) regressive tax
  D) community tax
  E) flat rate tax
  Show Answer
  The correct answer is B .
• Question 270: The introduction of money into the economy has helped to resolve the following problems EXCEPT Options:
  A) accessibility of needs
  B) availability of goods
  C) coincidence of wants
  D) making deferred payments
  E) measure and store of value
  Show Answer
  The correct answer is A .