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 2691: Excise duties are taxes levied on Options:
  A) goods coming into the country
  B) goods going out of the country
  C) industrial incomes
  D) locally manufactured goods
  E) selected consumer durable
  Show Answer
  The correct answer is D .
• Question 2692:

  

  The percentage of working population in 2002 is

  Options:
  A) 50%
  B) 25%
  C) 8%
  D) 80%
  Show Answer
  The correct answer is D .
• Question 2693:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2694: 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 2695: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 2696: Division of labour is limited by? Options:
  A) the size of market
  B) the productivity of capital
  C) cost of production
  D) the factors of production
  E) government policy
  Show Answer
  The correct answer is A .
• Question 2697: A monopolist will practice price discrimination in two markets if? Options:
  A) the cost of separating the markets is large
  B) the markets have different elasticities of demand
  C) there is free flow of information in the two markets
  D) there is a patent of the commodity
  Show Answer
  The correct answer is B .
• Question 2698:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2699:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2700:

  Real cost is

  Options:
  A) Alternative commodities forgone
  B) Amount of money spent on goods and services
  C) Cost of goods and services
  D) True cost
  Show Answer
  The correct answer is C .