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 491: If elasticity of demand is greater than I and less than infinity, demand is said to be Options:
  A) elastic
  B) perfectly inelastic
  C) inelastic
  D) perfectly elastic
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  The correct answer is A .
• Question 492: Which is the dominant form of tax in Nigeria Options:
  A) Direct tax
  B) Indirect tax
  C) Inheritance tax
  D) Personal income tax
  E) Value added tax
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  The correct answer is A .
• Question 493: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
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  The correct answer is B .
• Question 494: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is Options:
  A) Progressive
  B) Indirect
  C) Regressive
  D) Proportional
  E) None of the above
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  The correct answer is C .
• Question 495:

  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
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  The correct answer is A .
• Question 496: One of the most important factors that should be considered in the location of an industry is? Options:
  A) nearness to the financial centre
  B) assured patronage by government functionaries
  C) availabilities of inputs and market
  D) availabilities of adequate security
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  The correct answer is C .
• Question 497: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
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  The correct answer is B .
• Question 498: The concept of economic efficiency primary refers to? Options:
  A) obtaining the maximum output from available resources at the lowest cost
  B) conservation of our petroleum resources
  C) equity in the distribution of the nation's wealth
  D) producing without waste
  E) the limited wants-unlimited resources dilemma
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  The correct answer is A .
• Question 499: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
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  The correct answer is C .
• Question 500: 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
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  The correct answer is C .