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 621: Which of the following statement is NOT true about agriculture in West Africa? Options:
  A) Agriculture employs over 60% of West Africa’s occupied population
  B) Agriculture production is the basis for excise taxes in West Africa
  C) Many West Africa countries depend on agricultural exports for foreign exchange earnings
  D) Agriculture supplies West African industries with raw materials
  E) Agriculture provides incomes to West African farmers who engaged in it
  Show Answer
  The correct answer is B .
• Question 622: The slow pace of industrial growth in Nigeria can be attributed to__________? Options:
  A) lack of raw materials
  B) lack of market for produce
  C) inadequate skilled labour
  D) over-dependence on the oil sector
  Show Answer
  The correct answer is D .
• Question 623: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
  Show Answer
  The correct answer is E .
• Question 624:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 625:

  The PAYE ( Pay As You Earn) in Nigeria is an example of ______

  Options:
  A) Flat rate Tax
  B) Community tax
  C) Regressive tax
  D) Progressive tax
  Show Answer
  The correct answer is D .
• Question 626:

  

  In a price-taking firm, the portion UT above is the firm's

  Options:
  A) average revenue curve
  B) Long-run average cost curve
  C) demand curve
  D) supply curve
  Show Answer
  The correct answer is B .
• Question 627: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 628: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 629:

  Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below

  A	40%
  B	50%
  C	33%
  D	36%

  Which type of economy exists in these countries?

  Options:
  A) Traditional
  B) Planned
  C) Pure market
  D) Mixed
  Show Answer
  The correct answer is D .
• Question 630: The deregulation of telecommunication services in Nigeria is a characteristic of Options:
  A) command economy
  B) traditional economy
  C) market economy
  D) feudal economy
  Show Answer
  The correct answer is C .