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 31: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 32: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 33: The burden of tax on a commodity whose demand is infinitely inelastic Options:
  A) is zero
  B) will be borne by the seller alone
  C) will be borne by the buyer alone
  D) will be borne by both buyer and seller
  E) is impossible to tell who bears it
  Show Answer
  The correct answer is C .
• Question 34: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
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  The correct answer is A .
• Question 35: An improvement in Nigeria's terms of trade should Options:
  A) Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
  B) Make made in Nigeria goods cheaper to buy
  C) Increase Nigeria's domestic output of commodities
  D) Lead to an increase in her exchange rates
  E) Lead to an increase in Nigeria's exports of petroleum
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  The correct answer is A .
• Question 36: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
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  The correct answer is E .
• Question 37:

  

  In the diagram equilibrium price is:

  Options:
  A) P₂
  B) P_o
  C) P₁
  D) indeterminate
  E) between P_o and P₁ Diagram P.2
  Show Answer
  The correct answer is B .
• Question 38: Which would you NOT consider an advantage of one-man business? Options:
  A) freedom of action
  B) limited liabiities
  C) Quick decision-making
  D) Personal contact with customers
  E) none o the albove
  Show Answer
  The correct answer is B .
• Question 39: To control inflation, the monetary authorities of a country can? Options:
  A) reduce taxes
  B) advise government to increase its expenditure
  C) engage in expansive monetary policy
  D) engage inrestrictive monetary policy
  Show Answer
  The correct answer is D .
• Question 40: A state budget is an outline of planned Options:
  A) expenditures and revenues expected within a financial year
  B) expenditures of ministries and parastatals within a given period
  C) recurrent and capital expenditures within a year
  D) sources of revenues derivationn for a financial year
  E) use of different kinds of taxation in a given year
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  The correct answer is A .