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 601: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .
• Question 602:

  

  In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

  Options:
  A) wholly by the supplier
  B) wholly by the consumer
  C) partly by the supplier and partly by the consumer
  D) wholly by the middlemen
  E) partly by stockholder and partly by consumer
  Show Answer
  The correct answer is B .
• Question 603: Which of the following factors is NOT responsible for the rural/urban drift in Nigeria? Options:
  A) The infrastructural facilities in cities
  B) Declining fertility of rural farmlands
  C) Rural electrification programme
  D) Higher living standards in urban areas
  Show Answer
  The correct answer is C .
• Question 604:

  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
  Show Answer
  The correct answer is A .
• Question 605: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 606:

  $\begin{array}{cc}\text{Quantity of singlets}& \text{Short run total costs(N)}\\ 0& 1,000\\ 10& 1,200\\ 20& 1,400\\ 30& 1,600\\ 40& 1,800\end{array}$

  The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

  Options:
  A) N1000
  B) N400
  C) N70
  D) N20
  Show Answer
  The correct answer is D .
• Question 607: Which of these factors causes a change in the quantity demanded of a commodity? Options:
  A) Income
  B) Population
  C) Price of other commodities
  D) Price of the commodity concerned
  E) Taste and fashion
  Show Answer
  The correct answer is D .
• Question 608: Infant industries denote industries which? Options:
  A) are introducing new products
  B) are too young to compete in the world market
  C) produce baby food and mother care products
  D) are allowed time enough to mature for recognition
  Show Answer
  The correct answer is B .
• Question 609: The value of money is affected by Options:
  A) consumer’s income
  B) effective demand
  C) effective supply
  D) equilibrium price
  E) general price level
  Show Answer
  The correct answer is E .
• Question 610: One of the ways by which the government can speed up economic development is through the? Options:
  A) increase in consumption pattern of the people
  B) encouragement of savings, investment and equitable distribution of goods and services
  C) increase in the rate of population growth so as to ensure that the country has a large labour force
  D) encouragement of importation of raw materials to produce consumer goods
  Show Answer
  The correct answer is B .