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 age distribution of a population is NOT influenced by? Options:
  A) brith rates
  B) death rates
  C) patterns of immigration
  D) patterns of emmigration
  E) school leaving age
  Show Answer
  The correct answer is E .
• Question 2:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 3: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 4: A typical feature of a market economy is that Options:
  A) all producers make profit
  B) full employment exists
  C) consumer sovereignty exists
  D) there is equality of economic agents
  Show Answer
  The correct answer is C .
• Question 5:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 6: Which of the following activities of government precludes the existence of a market economy? Options:
  A) The imposition of taxes
  B) The control of the location of industry
  C) The central planning of production
  D) The fixing of maximum price for all necessities
  E) The establishment of law requiring the registration of business firms
  Show Answer
  The correct answer is C .
• Question 7: If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of? Options:
  A) increasing returns to the variable factor
  B) increasing returns to scale
  C) constant returns to variable factor
  D) external economies of scale
  Show Answer
  The correct answer is A .
• Question 8: Environmental degradation is more associated with Options:
  A) localization of industries
  B) location of industries
  C) decreased urbanization
  D) urban-rural migration
  Show Answer
  The correct answer is A .
• Question 9:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 10: To reduce the high rate of inflation in the economy, the government should? Options:
  A) increase taxes and have a budget surplus
  B) increase taxes and have a budget defilicit
  C) decrease taxes and have a budget defilicit
  D) decrease taxes and have a balance budget
  Show Answer
  The correct answer is A .