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 21: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 22: Price elasticity of supply measures the responsiveness of quantity supplied to Options:
  A) a change in the demand for the product V
  B) a change in the price of the commodity
  C) changes in consumers
  D) changes in prices of other commodities
  E) changes in suppliers income
  Show Answer
  The correct answer is B .
• Question 23:

  Which of the following is an invisible item?

  Options:
  A) Petroleum services
  B) Processed rice
  C) Processed milk
  D) Banking services
  Show Answer
  The correct answer is D .
• Question 24: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 25: Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds Options:
  A) as much to TR as to TC
  B) less to TR as to TC
  C) less to TC than to TR
  D) more to TC than to TR
  E) more to TR than to T
  Show Answer
  The correct answer is E .
• Question 26:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .
• Question 27: Taxes which are levied on a person’s expenditures are known as? Options:
  A) Purchase tax
  B) Sales tax
  C) Direct tax
  D) Poll tax
  E) Income tax
  Show Answer
  The correct answer is A .
• Question 28:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 29:

  Occupational distribution of information is mainly influenced by___________

  Options:
  A) economic factor
  B) religious factor
  C) geographical factor
  D) social factor
  Show Answer
  The correct answer is A .
• Question 30: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .