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 531: In Nigeria, cheques are not money because? Options:
  A) their use is confined to business houses
  B) there are no banks in rular areas
  C) they are not legal tender
  D) they are not generally acceptable as a medium of exchange
  E) most Nigerians cannot identify them
  Show Answer
  The correct answer is C .
• Question 532: A major feature of capitalism is Options:
  A) collective ownership of means of production
  B) competition
  C) equality or egalitarianism
  D) redistribution of income
  E) socialization and welfare
  Show Answer
  The correct answer is B .
• Question 533: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 534: If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are Options:
  A) complimentary goods
  B) composite goods
  C) derived good
  D) independent goods
  E) substitute good
  Show Answer
  The correct answer is A .
• Question 535:

  If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  Options:
  A) Progressive
  B) Proportional
  C) Indirect
  D) Regressive
  Show Answer
  The correct answer is D .
• Question 536: Disposable income equals Options:
  A) personal income less business profits
  B) personal inome minus taxes and subsidies
  C) national income less borrowing from abroad
  D) national income plus transfer of payments
  E) personal income less taxes plus subsidies
  Show Answer
  The correct answer is E .
• Question 537:

  

  What is the equilibrium quantity?

  Options:
  A) 50
  B) 250
  C) 350
  D) 450
  Show Answer
  The correct answer is B .
• Question 538: A free trade area emerges when? Options:
  A) traders from one part of the country can move freely to other parts
  B) customs regulation are harmonized among countries
  C) a group of countries decide to remove restrictions on imports from one another
  D) the UNCTAD is in force
  Show Answer
  The correct answer is C .
• Question 539:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 540:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .