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 521: The output approach to measuring national income is based on the computation of Options:
  A) final output
  B) factor cost
  C) value added
  D) profits earned
  Show Answer
  The correct answer is C .
• Question 522: A tax that increases at a higher percentage as income increase is called? Options:
  A) a proportion tax
  B) a regressive tax
  C) a progressive tax
  D) an income tax
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  The correct answer is C .
• Question 523: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 524:

  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 525: Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population? (ii) A large proportion of the population is engaged in agriculture.(iii) Agriculture products are used as raw materials by the local industries. (iv) It serves as sources of heavy equipment to local industries. Options:
  A) i and ii only
  B) i,ii and iii only
  C) i, ii and iv only
  D) ii and iii only
  Show Answer
  The correct answer is B .
• Question 526: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
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  The correct answer is B .
• Question 527:

  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 528: When two variables are positively related, the graph of the relationship? Options:
  A) is a downward-sloping curve
  B) has a negative intercept
  C) is a straight line
  D) is an upward-sloping curve
  Show Answer
  The correct answer is D .
• Question 529: Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is? Options:
  A) 0.25
  B) 0.40
  C) 4.00
  D) 25.00
  Show Answer
  The correct answer is D .
• Question 530: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .