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 1781: The production possibility curve can be used to explain the underlying concepts of Options:
  A) scale of preference and choice
  B) opportunity cost and choice
  C) wants and means
  D) opportunity cost and scale of preference
  Show Answer
  The correct answer is B .
• Question 1782: One of the ways by which Government derives revenue from industrial enterprises in West Africa is? Options:
  A) tariffs
  B) excise duties
  C) poll tax
  D) import duties
  E) community tax
  Show Answer
  The correct answer is B .
• Question 1783:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .
• Question 1784:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 1785:

  Indicator of underdevelopment is

  Options:
  A) high life expectancy
  B) low birth rate
  C) low population growth rate
  D) low per capita income
  Show Answer
  The correct answer is D .
• Question 1786: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 1787: Progressive income tax can be expressed as Options:
  A) tax that falls as income rises
  B) tax that rises as income falls
  C) tax that is independent of income
  D) tax that rises as income rises
  E) tax that is neutral to income
  Show Answer
  The correct answer is D .
• Question 1788: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 1789: Which of the following is an example of derived demand? Options:
  A) Tax relief
  B) Labour
  C) Wage increase
  D) Entertainment
  Show Answer
  The correct answer is B .
• Question 1790: The non-bank financial institutions that are entrusted with workers contributions towards retirements are Options:
  A) Mortgage institutions
  B) Investment companies
  C) Pension funds custodians
  D) Pension funds administrators
  Show Answer
  The correct answer is C .