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 81: The losses suffered by a sole proprietor are? Options:
  A) usually equal to the amount invested
  B) usually less than the amount invested
  C) limted to the amount invested
  D) not limited to the amount invested
  Show Answer
  The correct answer is D .
• Question 82:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 83:

  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 84: Economics is regarded as a social science because It Options:
  A) helps people to be acceptable In the society
  B) Is associated with social dubs
  C) is used by sociologist
  D) studies human behavior
  E) uses controlled experiment
  Show Answer
  The correct answer is D .
• Question 85:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 86: A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as Options:
  A) comprehensive planning
  B) indicative planning
  C) perspective planning
  D) regional planning
  E) sectors planning
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  The correct answer is A .
• Question 87: One of the factors affecting change in demand for a commodity is the _______? Options:
  A) Supply of the commodity
  B) Availability of the substitutes
  C) Price of the commodity
  D) Technical know-how
  Show Answer
  The correct answer is C .
• Question 88: One of the ways of correcting a deficit balance of payments is to Options:
  A) revalue a country's currency
  B) devalue a country's currency
  C) increase imports
  D) reduce exports
  Show Answer
  The correct answer is B .
• Question 89:

  

  The curve labeled II illustrates a system of taxation

  Options:
  A) proportional tax
  B) regressive tax
  C) value added
  D) progressive tax
  Show Answer
  The correct answer is A .
• Question 90: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
  Show Answer
  The correct answer is B .