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 fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2:

  The privatization exercise in Nigeria is a move towards a____________

  Options:
  A) command economy
  B) mixed economy
  C) subsistence economy
  D) market economy
  Show Answer
  The correct answer is D .
• Question 3: If the Central Bank intends to increase the money supply through open market operations then it will Options:
  A) sell securities in the open market
  B) buy securities in the open market
  C) issues more currency note
  D) withdraw money supply from the market
  E) print more demand deposit
  Show Answer
  The correct answer is B .
• Question 4:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 5:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 6:

  Averages cost (AC) equal to

  Options:
  A) AC_TC
  B) TC_AC
  C) TC_AVC
  D) TC_MC
  E) TC_Q
  Show Answer
  The correct answer is D .
• Question 7:

  Most of the National debts is "dead weight" in the sense that is____

  Options:
  A) bound to increase from year to year
  B) accumulated as the result of past capital investment
  C) the responsibility of the treasury
  D) not covered by any real asset
  Show Answer
  The correct answer is D .
• Question 8: The study of broad economic aggregates is Options:
  A) Macro economics
  B) deductive method of economic analysis
  C) micro economics
  D) Inductive method of economics analysis
  Show Answer
  The correct answer is A .
• Question 9: One of the function of united nation conference on trade and development (UNTAD) is to Options:
  A) carry out feasibility study for projects in less developed countries
  B) increase impact of developed countries over less developed countries
  C) increase share of less developed countries in world trade
  D) make goods available in developed countries
  E) transfer technology from developed to less developed countries
  Show Answer
  The correct answer is C .
• Question 10: The foreign exchange rate of a country is Options:
  A) the interest rate fixed by the central bank
  B) the price of one national currency in terms of another
  C) the rate at which the central bank issues money
  D) the rate of interest on government bonds
  E) None of the above
  Show Answer
  The correct answer is B .