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 1871: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .
• Question 1872: Scarcity in economics generally refers to Options:
  A) A period of feminine
  B) Monopolization of existing supply of resources
  C) Nationalization of sources of raw materials in Nigeria
  D) The control of outlets to sell goods
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 1873: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 1874: If the actual population in a country is less than the optimum population, then? Options:
  A) it is desirable to have a large population
  B) it is necessary to have an improved technology to sustain the population
  C) it is desirable to have a smaller population
  D) the available resources are inadequate to substain the population
  Show Answer
  The correct answer is A .
• Question 1875:

  Which of the following persons is engaged in "Secondary Production"?

  I - a bricklayer

  II - an automobile assembly-line worker

  III - an accountant

  IV - a cinema projectionist

  Options:
  A) I only
  B) I, II
  C) II, III
  D) I, II, III, IV
  Show Answer
  The correct answer is B .
• Question 1876:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 1877: Optimum population is desirable because it enables an economy to obtain maximum? Options:
  A) per capita income
  B) per capital output
  C) per capita real income
  D) per capital revenue
  E) growth rate
  Show Answer
  The correct answer is A .
• Question 1878: A good measure of the standard of living usually used for international comparison is Options:
  A) gross natioal income (GNI)
  B) net national income (NNI)
  C) gross national product (GNP)
  D) gross domestic product (GDP)
  E) per capital income (PCI)
  Show Answer
  The correct answer is E .
• Question 1879: which of these alternative is wrong? central banks are Options:
  A) bankers to the government
  B) bankers to commercial banks
  C) merchant banks
  D) controllers and regulators of money supply
  E) issuers of bank note
  Show Answer
  The correct answer is C .
• Question 1880:

  $\frac{\sum f(x-x̄)}{N}$ is a formula used to calculate ____________

  Options:
  A) variance
  B) the quartile
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is D .