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 91: The greatest proportion of government revenue in Nigeria comes from? Options:
  A) export of raw materials
  B) income taxes on individuals and business
  C) custom duties and excise duties
  D) loans and grants from industrially advanced countries
  Show Answer
  The correct answer is C .
• Question 92: A limited liability company is owned by? Options:
  A) an individual
  B) two or more partners
  C) shareholders
  D) government
  E) a bank
  Show Answer
  The correct answer is C .
• Question 93:

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .
• Question 94: Which of the following statement does NOT describe a situation of perfect competition.? Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into, and exit out of the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 95: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
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  The correct answer is A .
• Question 96: If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves? Options:
  A) N2000
  B) N18 000
  C) N12 000
  D) N8 000
  Show Answer
  The correct answer is D .
• Question 97: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
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  The correct answer is A .
• Question 98: Which Of the following is NOT an obstacle to economic development? Options:
  A) Low level of investment
  B) lack of modern technology
  C) High rate of population growth
  D) Low productivity
  E) Dedicated leadership
  Show Answer
  The correct answer is E .
• Question 99: The demand for a product is said to be price inelastic if? Options:
  A) the price elasticity of demand is less than one
  B) the price elasticity of demand is greater than one
  C) a reduction in price results in increase in the quantity demanded
  D) an increase in price results in a decrease in the quantity demanded
  Show Answer
  The correct answer is A .
• Question 100: Because most of her crude oil is exported, the foreign exchange earnings and the forward linkage effects Nigeria realize from her oil production are? Options:
  A) both high
  B) respectively high and low
  C) respectively low and high
  D) both low
  Show Answer
  The correct answer is B .