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 sector which contribute highly to the economy is___________

  Options:
  A) Primary sector
  B) Secondary sector
  C) Tertiary sector
  D) Education sector
  Show Answer
  The correct answer is A .
• Question 2: If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x? Options:
  A) 7.0
  B) 6.0
  C) 8.5
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 3: The economic questions about what and how to produce in an economy is solely answered by the _______? Options:
  A) government
  B) labour union
  C) private and public enterpriser
  D) system of economy practised
  Show Answer
  The correct answer is D .
• Question 4:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 5:

  Efficiency of labour in a country is determined by the following except the____________

  Options:
  A) Social attitude to work
  B) Education and training
  C) Total population
  D) Working conditions of workers
  Show Answer
  The correct answer is C .
• Question 6: Improved labour efficiency can be measured by? Options:
  A) an increase in output-input ratio
  B) an decrease in output-input ratio
  C) the constancy of input-output ratio
  D) an increase in input-output ratio
  Show Answer
  The correct answer is A .
• Question 7:

  

  PN equals average revenue or marginal revenue cure of

  Options:
  A) An imperfect competitive firm
  B) a monopoly
  C) a perfectly competitive firm
  D) a monopolistic competitive firm
  Show Answer
  The correct answer is C .
• Question 8:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• 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 term of trade can be expressed as Options:
  A) (Price index of export ÷ Price index of export)× 100
  B) (price index of import ÷ price index of export) × 100
  C) (Price index of export ÷ Price index of import)× 100
  D) (Price index of export ÷ Price index of import)× 100
  Show Answer
  The correct answer is C .