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 2851:

  Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work

  Ii,Difficulties in assessment and collection

  Iii, imperfection in tax assessment.

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 2852: An account from which allocations are made to the three tier of government in Nigeria is called the? Options:
  A) National Income Account
  B) Public Sector
  C) Federation account
  D) National Revenue Mobilization Account
  Show Answer
  The correct answer is C .
• Question 2853: Which of the following can be regarded as a liability of a commercial bank? Options:
  A) advances
  B) deposits
  C) treasury bills
  D) overdrafts
  E) cash
  Show Answer
  The correct answer is B .
• Question 2854: A budget deficit means Options:
  A) That a country is buying more than is selling
  B) That a country is selling more than is buying
  C) That a government is spending more than in takes in taxation
  D) That a government is spending less than it takes in taxation
  E) That a government is spending as much as it takes in taxation
  Show Answer
  The correct answer is C .
• Question 2855: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 2856: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .
• Question 2857: In a socialist economic system, decisions relating to the fundamental economic problems are taken by Options:
  A) academicians
  B) government
  C) individuals
  D) judiciary
  E) manufacturers
  Show Answer
  The correct answer is B .
• Question 2858: A measure of national income used as comparison of standard of living among nations is Options:
  A) net national product
  B) gross domestic product
  C) gross national product
  D) per capita income
  Show Answer
  The correct answer is D .
• Question 2859:

  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 2860: Labour force simply means the Options:
  A) demand and supply of labour
  B) efficiency of labour
  C) job seekers
  D) unemployable population
  E) working population
  Show Answer
  The correct answer is E .