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 2881: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
  Show Answer
  The correct answer is C .
• Question 2882: Personal income tax as a source of government revenue is increased when the Options:
  A) tax rate is raised
  B) tax system is proportional
  C) retirement age is reduced
  D) tax base is contracted
  Show Answer
  The correct answer is A .
• Question 2883: Below equilibrium, the gap between aggregate demand and the full employment level of income is called the? Options:
  A) inflationary gap
  B) income gap
  C) unemployment gap
  D) deflationary gap
  Show Answer
  The correct answer is A .
• Question 2884: Which of the following type of capital is not rewarded by means of dividends? Options:
  A) Ordinary shares
  B) Preference shares
  C) cummulative shares
  D) participating preference shares
  E) depentures
  Show Answer
  The correct answer is E .
• Question 2885: An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry. Options:
  A) construction
  B) conversion
  C) manufacturing
  D) mining
  E) processing
  Show Answer
  The correct answer is C .
• Question 2886:

  The population density of a town made up of 50 square kilometer land area and 100 million people is________

  Options:
  A) 50,000 people per square kilometer
  B) 2 million people per square kilometer 
  C) 0.5 million people per square kilometer
  D) 20 million people per square kilometer
  Show Answer
  The correct answer is B .
• Question 2887: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B .
• Question 2888: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 2889:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 2890: A major consideration in locating a cement factory is the availability of Options:
  A) skilled labour
  B) power
  C) infrastructural facilities
  D) limestone
  Show Answer
  The correct answer is D .