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 761: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 762:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .
• Question 763: 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 764: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .
• Question 765: Indirect taxes are taxes? Options:
  A) which are levied on the incomes and profits of individuals and firms
  B) whose incidence always falls on the consumer
  C) which are based on the progressive principle
  D) on casinos, airports and capitals gains
  E) which are levied on people and economic units through the goods and services they purchase
  Show Answer
  The correct answer is E .
• Question 766:

  	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
  Share in total National Output	25%	10%	50%	15%
  Share in total Employment	60%	10%	5%	25%
  Growth rate of Sectoral Output	2%	5%	10%	3%

  From the above, the Growth Rate of Total National Output or GDP is

  Options:
  A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
  B) 20.0%, i.e. (2 + 5 + 10 +3)%
  C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
  D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
  E) not obtainable
  Show Answer
  The correct answer is D .
• Question 767: The loans from the World Bank to developing countries are mainly to support Options:
  A) capital-intensive technology
  B) the establishment of universities
  C) their infrastructure investment
  D) their level of consumption
  Show Answer
  The correct answer is C .
• Question 768: In computing national income, transfers are excluded because Options:
  A) they are received only by the poor
  B) the figures reduce the size of national income
  C) it is difficult to get the exact figures
  D) they are not payments for productive activities
  Show Answer
  The correct answer is D .
• Question 769: Tariff on imports are meant to? Options:
  A) prevent a foreign goods
  B) discourage exports
  C) encourage exports
  D) increase the level of external dependency
  Show Answer
  The correct answer is A .
• Question 770: The additional revenue obtained by using one more unit of a factor is called? Options:
  A) average product
  B) marginal product
  C) diminishing returns
  D) marginal revenue product
  Show Answer
  The correct answer is D .