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 31: The primary problem of Economics is? Options:
  A) to obtain a more equitable distribution of money income
  B) the scarcity of productive resources relative to material needs
  C) how to reach prices which correctly depict that products and resources are not in abundance
  D) to teach people how to save so as to make more money
  Show Answer
  The correct answer is B .
• Question 32:

  

  The interdependence between households and business enterprises illustrated in the figure is known as

  Options:
  A) Market interaction
  B) Cash flow
  C) Circular flow of income
  D) Supply and demand for goods and services
  E) Household preference schedule
  Show Answer
  The correct answer is C .
• Question 33:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 34: Progressive tax structure is designed to? Options:
  A) take more from the income of the poor
  B) take more from income of the rich
  C) take equal proportion of income from both the rich and the poor
  D) reduce the problems emanating from tax imposition
  Show Answer
  The correct answer is B .
• Question 35: 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 .
• Question 36: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
  Show Answer
  The correct answer is C .
• Question 37: The basic principles of co-operative societies are those of? Options:
  A) active participation of capitalist in the affairs of co-operative societies
  B) worker ownership and worker control
  C) sole proprietorship
  D) partnership
  E) denying of credit facilities to members
  Show Answer
  The correct answer is B .
• Question 38:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 39: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 40: The unemployment associated with a recession is called? Options:
  A) voluntary
  B) frictonal
  C) cyclical
  D) structural
  E) maximum
  Show Answer
  The correct answer is C .