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 1: In a free market economy, the price system allocates resources? Options:
  A) under government's directives
  B) to ensure general welfare
  C) to their best alternatives
  D) to reduce poverty
  Show Answer
  The correct answer is C .
• Question 2: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 3: Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs? Options:
  A) 20
  B) 15
  C) 50
  D) 30
  Show Answer
  The correct answer is A .
• Question 4: Demand for a factor of production is? Options:
  A) a composite demand
  B) a joint demand
  C) a derived demand
  D) an elastic demand
  E) cross-elasticity of demand
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  The correct answer is C .
• Question 5: Which of the following is the major function of the wholesaler? Options:
  A) Bulk breaking
  B) Provision of useful information to th manufacturer on products
  C) Provision of after-sales services to consumers
  D) Provision of warehouse facility
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  The correct answer is A .
• Question 6: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
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  The correct answer is B .
• Question 7: Which of the following budgets will increase government expenditure? Options:
  A) zero base budget
  B) surplus budget
  C) deficit budget
  D) balanced policy
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  The correct answer is C .
• Question 8: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
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  The correct answer is B .
• Question 9: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
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  The correct answer is D .
• Question 10: A state budget is an outline of planned Options:
  A) expenditures and revenues expected within a financial year
  B) expenditures of ministries and parastatals within a given period
  C) recurrent and capital expenditures within a year
  D) sources of revenues derivationn for a financial year
  E) use of different kinds of taxation in a given year
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  The correct answer is A .