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 971: In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is? Options:
  A) elastic
  B) inelastic
  C) perfectly elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .
• Question 972:

  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 973: The main industrial cities in Nigeria are Options:
  A) Ikeja, Kano, Onitsha and Port-Harcourt
  B) Kaduna, Dutse, Ogbomoso a Calabar
  C) Kano, Ilesa, Vadeikya and Afikpo
  D) Maiduguri, Ikote Ekiti, Moniya and Akungba
  E) Mokwa, Ijebu-ode, Warri and Gummel
  Show Answer
  The correct answer is A .
• Question 974: Disposable income in national income accounting is an income which Options:
  A) cannot be used again
  B) is available for consumption and saving
  C) is a available to disabled people
  D) must be wasted once and for all
  E) pensioners receive from the treasury board
  Show Answer
  The correct answer is B .
• Question 975: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 976: Full employment is a situation in which? Options:
  A) every adult is employed
  B) all adults who can work are employed
  C) all person who attained the age of 15 and above are employed
  D) only the disabled are not employed
  E) all those who are able and eligible can find employment
  Show Answer
  The correct answer is E .
• Question 977: The major purpose of African Development Bank is to? Options:
  A) provide loans for trade development
  B) provide loans for infrastructural development
  C) provide loans for develpment banks in distress
  D) educate peasant farmers in new techniques
  Show Answer
  The correct answer is B .
• Question 978: An advantage of large-scale farming over peasant farming is in the area of Options:
  A) providing research and massive employment of labour
  B) redistributing national income to various regions of the country
  C) encouraging the use of traditional implements
  D) encouraging urban-rural migration
  Show Answer
  The correct answer is A .
• Question 979: Economic is often described as a science because? Options:
  A) laboratory experiments are performed
  B) it makes use of controlled experiments
  C) it uses scientific methods to explain observed phenomena and predict future events
  D) it makes use of field work
  Show Answer
  The correct answer is C .
• Question 980: The most basic concern of economists is to? Options:
  A) create human wants
  B) satisfy all human want
  C) redistribute income so that it is used correctly
  D) create perfect competition
  E) study ways of allocating scarce resources in order to satisfy human wants
  Show Answer
  The correct answer is E .