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: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .
• Question 2: In Nigeria, efficiency in public corporations can be achieved through Options:
  A) public offer
  B) indigenization
  C) privatization
  D) nationalization
  Show Answer
  The correct answer is C .
• Question 3:

  If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

  Options:
  A) at the maximum point on the AC curve
  B) at the highest point on the AC curve
  C) at the minimum point on the AC curve
  D) at the peak
  Show Answer
  The correct answer is C .
• Question 4: 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 5:

  One of the major forms of migration that tends to create problem in all developing countries is that of___________

  Options:
  A) Rural-urban migration
  B) Rural-rural migration
  C) Urban-rural migration
  D) Seasonal migration
  Show Answer
  The correct answer is A .
• Question 6: 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 7: Scarcity in economics means that? Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 8:
  

  From the graph below, Point "E" shows--------------

  Options:
  A) product inefficiency
  B) product efficiency
  C) productive efficiency
  D) allocative efficiency
  Show Answer
  The correct answer is A .
• Question 9: A major cause of the slow pace of industrialization in Nigeria is inadequate Options:
  A) raw materials
  B) landmass
  C) skilled labour
  D) communal labour
  Show Answer
  The correct answer is C .
• Question 10:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .