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 391: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 392: According to the theory of comparative advantage specialization will result in Options:
  A) labour-intensive method of production
  B) capital-intensive method of production
  C) efficient allocation of resources
  D) efficient distribution of output
  Show Answer
  The correct answer is C .
• Question 393:

  Factors affecting size of Labour Force include the following EXCEPT?

  Options:
  A) Level of technology
  B) Retirement age
  C) Government policies
  D) Trade Union activities
  Show Answer
  The correct answer is A .
• Question 394: 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 395: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .
• Question 396: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .
• Question 397: What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? Options:
  A) Deregulation
  B) import substitution
  C) Tariff reduction
  D) Backward integration
  Show Answer
  The correct answer is B .
• Question 398: If the price of a commodity with elastic demand increases, the revenue accruing to the producer will Options:
  A) double
  B) increase
  C) be constant
  D) decrease
  Show Answer
  The correct answer is D .
• Question 399: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 400: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .