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: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 2: The need to construct a scale of preference is necessitated by? Options:
  A) the need to satisfy wants
  B) scarcity and the need for choice
  C) scarcity of resources
  D) non-availability of factors of production
  Show Answer
  The correct answer is B .
• Question 3: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .
• Question 4: The interest charged on loans is determined by the __________? Options:
  A) Exchange rate
  B) Fiscal policy
  C) Risk associated with the loan
  D) Rate of production in the country
  Show Answer
  The correct answer is C .
• Question 5: Which of the following is NOT a factor that brings about changes in demand? Options:
  A) a change in real income
  B) government policy
  C) increase in population
  D) the price of the good or service
  E) taste and fashion
  Show Answer
  The correct answer is A .
• Question 6:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 7: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 8:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 9: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 10:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .