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 571: A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as Options:
  A) comprehensive planning
  B) indicative planning
  C) perspective planning
  D) regional planning
  E) sectors planning
  Show Answer
  The correct answer is A .
• Question 572: It is impossible to satisfy all human wants because? Options:
  A) areas of fertile land are very limited
  B) oceans and seas limit land space for farming
  C) resources are not equitably distributed
  D) available resources are limited
  Show Answer
  The correct answer is D .
• Question 573:

  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 574: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 575: 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 576: A primary industry is concerned with? Options:
  A) extraction of resources in their raw states
  B) the operation of small scale enterprises
  C) the economic activities of primary producers
  D) clearing and cultivation of land only
  Show Answer
  The correct answer is A .
• Question 577: Population growth can be calculated as ? Options:
  A) Birth rate + death rate + migration rate + immigration rate
  B) Birth rate – death rate + migration rate -immigration rate
  C) Birth rate + death rate – migration rate + immigration rate
  D) Birth rate – death rate – emigration rate + immigration rate
  E) Birth rate – death rate
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  The correct answer is D .
• Question 578: unlimited liability means? Options:
  A) The government can tax a company without limit
  B) The debts of a company must be paid out of it assets
  C) A company ceases to exist at the death of one of its owners
  D) A firm must pay its debts from business as well as private funds
  E) None of the above
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  The correct answer is D .
• Question 579: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
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  The correct answer is C .
• Question 580:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .