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 541: The Malthusian theory of population has been rendered ineffective by Options:
  A) government policies
  B) natural disasters
  C) birth contorl measures
  D) technical progress
  Show Answer
  The correct answer is D .
• Question 542: Which of the following is not a direct tax? Options:
  A) company income tax
  B) capital tax
  C) purchase tax
  D) personal income tax
  E) capital gain tax
  Show Answer
  The correct answer is C .
• Question 543: A change from one industry to another by a worker is an example of Options:
  A) geographical mobility
  B) horizonatal mobility
  C) professional advancement
  D) veritcal mobility
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  The correct answer is A .
• Question 544:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 545: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 546:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 547: Warehousing facilities in the distribution and marketing of products are provided by? Options:
  A) manufacturers
  B) wholesalers
  C) retailers
  D) consumers
  E) sellers
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  The correct answer is B .
• Question 548:

  

  The maximum number of workers that should be hired is

  Options:
  A) 2
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is C .
• Question 549:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .
• Question 550: The petroleum industry in Nigeria is? Options:
  A) the sole source of the nation's revenue
  B) the oldest industry in the country
  C) the mainstay of the economy
  D) a factor in the decline in the nation's foreign reserves
  Show Answer
  The correct answer is D .