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:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 2: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .
• Question 3: The group of people engaged in banking or insurance services by occupational distributions are classified as? Options:
  A) primary producers
  B) secondary producers
  C) tertiary producers
  D) technical producers
  Show Answer
  The correct answer is C .
• Question 4: An equilibrium price? Options:
  A) keeps excess demand within limits
  B) keeps excess supply within limits
  C) generates the greatest possible demand and supply
  D) generates the greatest possible profits
  E) equates the quantity supplied to be equal to the quantity demanded.
  Show Answer
  The correct answer is E .
• Question 5: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
  Show Answer
  The correct answer is B .
• Question 6: In economics, electricity, water supply, communication networks, road, etc are known as Options:
  A) capital structure
  B) development induces
  C) development projects
  D) infrastructural facilities
  E) project growth
  Show Answer
  The correct answer is D .
• Question 7: A production function relates? Options:
  A) cost to output
  B) wages to profit
  C) cost to input
  D) output to input
  Show Answer
  The correct answer is D .
• Question 8:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 9: Which of the following is true about average cost? Options:
  A) Fixed cost/quantity
  B) Marginal + Fixed cost
  C) Quantity × Fixed cost
  D) Total cost/quantity
  E) Total cost - fixed cost Quantity
  Show Answer
  The correct answer is D .
• Question 10:

  A rise in the market price of fixed interest securities is an indication that the

  Options:
  A) supply of money has decreased
  B) liquidity preference has increased
  C) market rate of interest has risen
  D) market rate of interest has fallen
  Show Answer
  The correct answer is D .