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:

  A group formed to enable members adopt a common policy in labour negotiation is known as?

  Options:
  A) Employer’s association
  B) Craft Union
  C) Trade union
  D) Employee’s union
  Show Answer
  The correct answer is A .
• Question 2: An example of a long-run cost of a firm is Options:
  A) fuel and maintenace cost
  B) the planned size of plant equipment
  C) the existing size of plant and equipment
  D) rent on buildings
  Show Answer
  The correct answer is D .
• Question 3: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 4:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 5:

  

  Find the mean price of the distribution.

  Options:
  A) N54
  B) N51
  C) N56
  D) N59
  Show Answer
  The correct answer is B .
• Question 6: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 7: One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to? Options:
  A) demand for increased special deposit
  B) decrease the cash ratio
  C) buy securities in the open market
  D) reduce the rate of interests at which banks borrow from it
  Show Answer
  The correct answer is A .
• Question 8:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 9: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 10:

  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 .