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 1251: If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called Options:
  A) composite demand
  B) elastic demand
  C) derived demand
  D) competitive demand
  E) inelastic demand
  Show Answer
  The correct answer is D .
• Question 1252: A tax on a commodity whose supply is perfectly inelastic is? Options:
  A) shifted completely on the consumer
  B) completely borne by the supplier
  C) dividend in the ratio 60;40 between the consumer and the supplier
  D) divided half-and-half between the producer and the consumer
  Show Answer
  The correct answer is B .
• Question 1253: When two variables are positively related, the graph of the relationship? Options:
  A) is a downward-sloping curve
  B) has a negative intercept
  C) is a straight line
  D) is an upward-sloping curve
  Show Answer
  The correct answer is D .
• Question 1254:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 1255: For two substitution goods, the cross elastic of demand is? Options:
  A) greater than one but less than two
  B) zero
  C) negative
  D) positive
  E) infinity
  Show Answer
  The correct answer is D .
• Question 1256: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 1257: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 1258: The PAYE (Pay As You Earn) in Nigeria is an example of? Options:
  A) indirect tax
  B) progressive tax
  C) regressive tax
  D) community tax
  E) flat rate tax
  Show Answer
  The correct answer is B .
• Question 1259: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 1260: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .