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 1411: If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out? Options:
  A) N9,000
  B) N3,330
  C) N2,770
  D) N2,100
  Show Answer
  The correct answer is D .
• Question 1412: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is Options:
  A) Progressive
  B) Indirect
  C) Regressive
  D) Proportional
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 1413: The Basic Needs Approach to development is Options:
  A) poverty alleviation
  B) provision of educational infrastructure
  C) provision of health services
  D) improvement in workers income
  Show Answer
  The correct answer is A .
• Question 1414: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
  Show Answer
  The correct answer is A .
• Question 1415: Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will? Options:
  A) increase by N1,000
  B) decrease by N 7,000
  C) increase by N7,000
  D) increase by N 13,000
  Show Answer
  The correct answer is C .
• Question 1416: The number of shareholders in a private limited liability company ranges from Options:
  A) two to seven
  B) two to three
  C) two to fifty
  D) two to twenty
  Show Answer
  The correct answer is C .
• Question 1417:

  One of the major criticism of the 1962 -1968 National Development Plan was that?

  Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's independence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foregn-sourced financial resources
  Show Answer
  The correct answer is A .
• Question 1418: Which one of the following functions of banks in Nigeria is reserved to the Central Bank? Options:
  A) Accepting deposits
  B) Serving as agents for payments
  C) Issuing bank-notes
  D) Lending to customers
  E) Purchasing and selling of stock exchange securities
  Show Answer
  The correct answer is C .
• Question 1419: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
  Show Answer
  The correct answer is D .
• Question 1420: Division of labour requires that, the tasks in a production line be performed Options:
  A) by specialists
  B) in stages
  C) by all workers
  D) by unskilled labourers
  Show Answer
  The correct answer is B .