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 2181: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
  Show Answer
  The correct answer is D .
• Question 2182: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .
• Question 2183:

  In the history of economics the concept of division of labour is usually associated With______________-

  Options:
  A) Karl Marx
  B) Adam Smith
  C) David Ricardo
  D) J.M Keynes
  Show Answer
  The correct answer is B .
• Question 2184: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .
• Question 2185: In Nigeria, government can reduce the cost of accommodation by fixing rent Options:
  A) at the prevailing rate
  B) at the equilibrium price
  C) above the equilibrium price
  D) below the equilibrium price
  Show Answer
  The correct answer is C .
• Question 2186:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  From the table, it can be deduced that?

  Options:
  A) Nigeria should produce cocoa and lace
  B) Austria should produce cocoa and lace
  C) Nigeria can benefit from producing lace only
  D) Nigeria should not produce any of the products because of her relative disadvantages
  E) Austria should produce lace and Nigeria should produce cocoa
  Show Answer
  The correct answer is E .
• Question 2187:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  What is the change in income?

  Options:
  A) N0.5m
  B) N1.5m
  C) N2.6m
  D) N8.0m
  Show Answer
  The correct answer is D .
• Question 2188: When we draw a market demand curve, we? Options:
  A) ignore tastes, incomes and other prices
  B) assumes that tastes, income and prices do not matter
  C) assumes that taste, income and all other prices change in same direction as prices
  D) assume that tastes, incomes and all other prices remain constant
  E) both A and B above
  Show Answer
  The correct answer is D .
• Question 2189: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 2190: What would encourage the growth of international division of labour? Options:
  A) Improvement in transport system
  B) Instability in international exchange rate
  C) Restrictions on the movement of resources
  D) increase in tariff
  Show Answer
  The correct answer is A .