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 401:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 402:

  A supply curve parallel to the X-axis indicates

  Options:
  A) fairly elastic supply
  B) infinitely elastic supply
  C) fairly inelastic supply
  D) perfectly inelastic supply
  Show Answer
  The correct answer is B .
• Question 403: Stock exchange market deals with Options:
  A) exchange of commodities
  B) exchange of stock fish for stock
  C) exchange of treasury bills
  D) sales of foreign exchange
  E) sales of second hand securities
  Show Answer
  The correct answer is E .
• Question 404:

  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 405: If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity? Options:
  A) 0.5
  B) 0.8
  C) 1
  D) 1.5
  E) 1.8
  Show Answer
  The correct answer is B .
• Question 406: A constraint on the expansion of a firm is the Options:
  A) Rate of advertisement
  B) Level of producers income
  C) Tastes of the consumers
  D) Size of the market
  Show Answer
  The correct answer is D .
• Question 407: The main economic objective behind the production of goods and services in any economy is to? Options:
  A) maximize profits
  B) satisfy human wants
  C) become self reliant
  D) create job opportunities
  E) make people wealthy
  Show Answer
  The correct answer is B .
• Question 408: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .
• Question 409:

  Which of the following are direct taxes?

  Options:
  A) Sales taxes
  B) Excise taxes
  C) Income and company taxes
  D) Tarrif duties
  E) Commodity taxes
  Show Answer
  The correct answer is C .
• Question 410:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
  Show Answer
  The correct answer is C .