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 1471: Tax which is levied on goods manufactured, sold or used within a country is? Options:
  A) sales tax
  B) excise tax
  C) direct tax
  D) income tax
  E) poll tax
  Show Answer
  The correct answer is B .
• Question 1472: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 1473:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 1474: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 1475: Which of the following budgets will increase government expenditure? Options:
  A) zero base budget
  B) surplus budget
  C) deficit budget
  D) balanced policy
  Show Answer
  The correct answer is C .
• Question 1476: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
  Show Answer
  The correct answer is B .
• Question 1477: A country is said to have absolute advantage when she Options:
  A) has a higher opportunity cost in the production of a good
  B) can sell to other countries without buying from them
  C) can produce more of any good with fewer resources
  D) has a lower opportunity cost in the production of good
  Show Answer
  The correct answer is C .
• Question 1478:

  Market Schedules for Milk:

  Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
  8k	25,000	7,500
  10k	23,000	9,000
  13k	20,000	11,500
  15k	18,000	13,000
  18k	15,000	15,000
  20k	13,000	17,500
  23k	10,000	21,000
  25k	8,000	24,000

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  Options:
  A) 15k, 13,000
  B) 20k, 17,500
  C) 13k, 20,000
  D) 18k, 18,000
  E) 18k, 15,000
  Show Answer
  The correct answer is E .
• Question 1479: which of the financial institutions cannot direct tax loans to individuals? Options:
  A) The agricultural bank
  B) The Industrial bank
  C) The central bank
  D) The Co-operative bank
  E) The Standard bank
  Show Answer
  The correct answer is C .
• Question 1480: The chief sources of Federal Government revenue in Nigeria are? Options:
  A) import duties, petroleum, import tax, profit tax, royalties and government dividends
  B) personal income tax, excise tax and vehicle licenses
  C) export duties, personal income tax and royalties
  D) property income, sales tax and excise tax
  E) import duties, sales tax and poll tax
  Show Answer
  The correct answer is A .