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 2761:

  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 2762: Progressive income tax can be expressed as Options:
  A) tax that falls as income rises
  B) tax that rises as income falls
  C) tax that is independent of income
  D) tax that rises as income rises
  E) tax that is neutral to income
  Show Answer
  The correct answer is D .
• Question 2763: Social overhead capital refers to? Options:
  A) balanced growth
  B) gross investment
  C) the building of infrastructures
  D) capital formation
  Show Answer
  The correct answer is C .
• Question 2764: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .
• Question 2765: If elasticity of demand is greater than I and less than infinity, demand is said to be Options:
  A) elastic
  B) perfectly inelastic
  C) inelastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 2766:

  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 2767: 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 2768: The oil-producing area in Nigeria are agitating for special compensation owing mainly to Options:
  A) the high level of poverty
  B) the high level of unemployment
  C) constant flooding
  D) environmental pollution
  Show Answer
  The correct answer is D .
• Question 2769: An inflation which occurs as a result of increase in production cost is known as Options:
  A) cost-push inflation
  B) creeping inflation
  C) demand-pull inflation
  D) hyper-inflation
  E) runaway inflation
  Show Answer
  The correct answer is A .
• Question 2770: A major disadvantage of partnership business is Options:
  A) difficulty in the transfer of shares
  B) distrust among members
  C) limited liability
  D) large capital outlay
  Show Answer
  The correct answer is B .