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 1011: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .
• Question 1012: On the basis of the contribution to employment, the most important economic sector in West African is? Options:
  A) industry
  B) agriculture
  C) construction
  D) commerce
  Show Answer
  The correct answer is D .
• Question 1013:

  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 .
• Question 1014: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
  Show Answer
  The correct answer is B .
• Question 1015:

  Positive check as envisaged by Thomas Malthus can be prevented if

  Options:
  A) death rate is reduced
  B) moral restraint abolished
  C) more hospitals are built
  D) there is natural calamities
  Show Answer
  The correct answer is D .
• Question 1016: By ‘trade by barter’, we mean Options:
  A) Trade done by people in the village
  B) Exchange of goods for money
  C) International trade
  D) Exchange of goods for goods
  E) The trade of the middle ages
  Show Answer
  The correct answer is D .
• Question 1017:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1018: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 1019:

  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 1020:

  The full meaning of NNPC is?

  Options:
  A) Nigerian National Population commission
  B) Nigerian National Petroleum Corporation
  C) National Number of Petroleum Companies
  D) None of the above
  Show Answer
  The correct answer is B .