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: The Industrial strategy of producing locally those goods that could have been imported is known as Options:
  A) balance growth
  B) export promotion
  C) import substitution
  D) Industrialization
  E) urbanization
  Show Answer
  The correct answer is C .
• Question 2: The ordinalist approach of utility postulated that utility can be Options:
  A) Rank
  B) Measurable
  C) Rise
  D) Fall
  Show Answer
  The correct answer is A .
• Question 3: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
  Show Answer
  The correct answer is A .
• Question 4: When the government fix the price of essential commodities, this is referred to as: Options:
  A) Price equilibrium
  B) Price control
  C) Demanded price
  D) Asking price
  Show Answer
  The correct answer is B .
• Question 5: A one-man business is controlled by Options:
  A) an active partner
  B) board of trustees
  C) board of directors
  D) dormant partner
  E) the owner
  Show Answer
  The correct answer is E .
• Question 6:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .
• Question 7: A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax. Options:
  A) direct
  B) indirect
  C) progressive
  D) proportional
  E) regressive
  Show Answer
  The correct answer is D .
• Question 8: Which is NOT a cause of high population growth in Nigeria? Options:
  A) Family planing Unit of Nigeria
  B) Improve medical facilities
  C) Reduction in death rate
  D) Improve hygiene
  E) Increased birth rate
  Show Answer
  The correct answer is A .
• Question 9: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 10: The money market is a financial market that specializes in the provision of? Options:
  A) short-term loans
  B) medium-term loans
  C) long-term loans
  D) venture capital for development projects
  Show Answer
  The correct answer is A .