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 1001:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1002:

  Human wants are insatiable because wants are____________

  Options:
  A) Limited while means are scarce
  B) Unlimited and means are also unlimited
  C) Limited and means are also limited
  D) Unlimited while means are scarce.
  Show Answer
  The correct answer is D .
• Question 1003: The minimum number of shareholders for a joint stock company is Options:
  A) 2
  B) 3
  C) 4
  D) 7
  Show Answer
  The correct answer is D .
• Question 1004: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .
• Question 1005: Which of the following is NOT strictly included In the study of economics? Options:
  A) The study of wants
  B) The study of choice
  C) Whether a particular want satisfies a good or bad purpose
  D) The study of scarcity
  E) The study of substitution
  Show Answer
  The correct answer is C .
• Question 1006: The effect of emigration on a country's population, all other things remaining equal, is to Options:
  A) increase its size
  B) cause overpopulation
  C) increase its growth rate
  D) reduce the proportion of children
  E) reduce its size
  Show Answer
  The correct answer is E .
• Question 1007: If the price elasticity of demand for a certain commodity is less than unity, then? Options:
  A) an increase in the price of the commodity will raise the total revenue of the producer
  B) an increase in price leaves the total revenue unchanged
  C) a decrease in price raises the total revenue of the supplier
  D) a decrease in price leaves the total revenue constant
  Show Answer
  The correct answer is A .
• Question 1008: The International Monetary Fund (IMF) was set up mainly to Options:
  A) cater for financial needs of developed countries
  B) create conditions favourable for the growth of world trade
  C) create favourable balance of payment
  D) develop domestic trade
  E) offset foreign debts only
  Show Answer
  The correct answer is B .
• Question 1009: The loans from the World Bank to developing countries are mainly to support Options:
  A) capital-intensive technology
  B) the establishment of universities
  C) their infrastructure investment
  D) their level of consumption
  Show Answer
  The correct answer is C .
• Question 1010: Given that demand and price remain unchanged an outward shift of the supply curve will lead to Options:
  A) hoarding
  B) excess supply
  C) excess demand
  D) a blank market
  Show Answer
  The correct answer is B .