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 791: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 792: As a country gets more developed, the percentage of labour engaged in agriculture tends to? Options:
  A) remain constant
  B) decrease steadily
  C) switch over to trading
  D) increase steadily
  Show Answer
  The correct answer is B .
• Question 793: One of the characteristics of an imperfect market is? Options:
  A) a large number of buyers and sellers
  B) a lack of homogeneity of products
  C) an adequate awareness of market conditions by buyers and sellers
  D) the availability of substitutes
  Show Answer
  The correct answer is B .
• Question 794: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .
• Question 795:

  A rise in the market price of fixed interest securities is an indication that the

  Options:
  A) supply of money has decreased
  B) liquidity preference has increased
  C) market rate of interest has risen
  D) market rate of interest has fallen
  Show Answer
  The correct answer is D .
• Question 796:

  A country has a population distribution as shown below:

  $\begin{array}{cc}\text{Age Group years}& \text{ Corresponding percentage}\\ \text{Above 60}& 22\\ 15-60& 60\\ 0-14& 15\end{array}$

  The dependency ratio is

  Options:
  A) 3:2
  B) 1:3
  C) 2:3
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 797: The quickest way of achieving an economic union on regional basis is to remove all? Options:
  A) currency barriers
  B) language barriers
  C) politcal barriers
  D) customs barriers
  E) legal barriers
  Show Answer
  The correct answer is D .
• Question 798: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as? Options:
  A) budget deficit
  B) balance budget
  C) budget surplus ‘
  D) budget statement
  E) unfavourable budget.
  Show Answer
  The correct answer is A .
• Question 799:

  

  If in this demand-supply diagram, the quantity supplied is OQ, then

  Options:
  A) price will be OP
  B) there will be excess demand of RT
  C) price will be ON
  D) price will tend to rise
  Show Answer
  The correct answer is B .
• Question 800: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .