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 981: An inflation which occurs as a result of increase in production cost is known as Options:
  A) cost-push inflation
  B) creeping inflation
  C) demand-pull inflation
  D) hyper-inflation
  E) runaway inflation
  Show Answer
  The correct answer is A .
• Question 982: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
  Show Answer
  The correct answer is A .
• Question 983: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 984: Which sector can you say is growing fastest in the Nigeria economy? Options:
  A) Agriculture
  B) Industry
  C) Education
  D) Transport
  E) Labour
  Show Answer
  The correct answer is C .
• Question 985: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
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  The correct answer is D .
• Question 986: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 987: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
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  The correct answer is B .
• Question 988: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 989: which is not responsible for the decline infood production in West Africa? Options:
  A) Neglect of agriculture by many people
  B) drift of young people rural to urban areas
  C) Influence of weather and climate
  D) Many of the countries do not balance of payments problems
  E) Lack of good prices for agricultural products on the farm
  Show Answer
  The correct answer is D .
• Question 990: Progressive tax structure is designed to? Options:
  A) take more from the income of the poor
  B) take more from income of the rich
  C) take equal proportion of income from both the rich and the poor
  D) reduce the problems emanating from tax imposition
  Show Answer
  The correct answer is B .