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 611: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 612:

  Occupational distribution of information is mainly influenced by___________

  Options:
  A) economic factor
  B) religious factor
  C) geographical factor
  D) social factor
  Show Answer
  The correct answer is A .
• Question 613:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 614:

  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 615: In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? Options:
  A) N396
  B) N323
  C) N250
  D) N146
  Show Answer
  The correct answer is D .
• Question 616:

  If two commodities are unrelated, a change in the price of one will____________

  Options:
  A) have effect on the quantity demanded of the other
  B) have no effect on the quantity demanded of the other
  C) increase the quantity demanded on the other
  D) decrease the quantity demanded on the other
  Show Answer
  The correct answer is B .
• Question 617: If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500. Options:
  A) y > 300
  B) y > 250
  C) y > 200
  D) y > 150
  Show Answer
  The correct answer is C .
• Question 618:

  A limited liability company is owned by________________

  Options:
  A) a bank
  B) an individual
  C) two or more partners
  D) share holders
  Show Answer
  The correct answer is D .
• Question 619: The monetization policy of the Nigerian government is aimedat Options:
  A) encouraging public servants to retire early and become self-employed
  B) transferring government's properties to retired public servants
  C) reducing government's burden on the provision of fringe benefits to public servants
  D) helping government recover properties held by public servants
  Show Answer
  The correct answer is C .
• Question 620: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .