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:

  Scarcity in economics means?

  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 2: Which of the following is NOT a problem of population census in Nigeria? Options:
  A) inadequate transportation
  B) High birth rate
  C) High cost
  D) Mass illiteracy
  E) Political interest
  Show Answer
  The correct answer is E .
• Question 3: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 4: One way of solving the problem of double counting is by Options:
  A) Value-added method
  B) Income method
  C) Output method
  D) Expenditure method
  Show Answer
  The correct answer is A .
• Question 5: Which of the folowing NOT among the objectives of OPEC? Options:
  A) to stabilize the revenue from oil to producing countries
  B) to stabilize the price of iol in the world market
  C) to make sure that oil flows to all the consuming countries
  D) to estabilished petroleum refineries in all member state
  E) to co-ordinate and harmonize the oil policies of member countries
  Show Answer
  The correct answer is B .
• Question 6: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 7: If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing Options:
  A) Increasing Marginal utility
  B) Diseconomies of scale
  C) Increasing costs
  D) Constant returns to scale
  E) Increasing returns to scale
  Show Answer
  The correct answer is E .
• Question 8: One of the major advantages of specialization is that? Options:
  A) the worker becomes a tenderer of machines
  B) it causes more employment of labour
  C) less machinery is required for production
  D) the worker wastes less time between operations
  Show Answer
  The correct answer is D .
• Question 9: In developing countries, governments influence the location of industries in order to Options:
  A) spread development
  B) redistribute wealth
  C) encourage enterpreneurs
  D) encourage industries to earn high profits
  Show Answer
  The correct answer is A .
• Question 10: Efficiency of labour is enhanced by? Options:
  A) Average Total Cost less the sum of Varriable Cost
  B) half the sum of all costs
  C) Total Fixed Cost divided by the the level of output
  D) Total Fixed Cost plus Marginal Cost
  Show Answer
  The correct answer is C .