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 1021:

  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 1022: An accurate population census is important in other to Options:
  A) produce more food for the growing population
  B) provide employment opportunities for the people
  C) estimate a country's per capita income
  D) fast track industrial development
  Show Answer
  The correct answer is D .
• Question 1023: Which of the following is NOT a contribution of agriculture to industrial development? Options:
  A) provision of food for the industrial sector
  B) Provision of funds for industrial development
  C) Provision of raw materials
  D) Supply of labour to the industrial sector
  E) supply of machinery to the industrial sector
  Show Answer
  The correct answer is E .
• Question 1024: The effectiveness of devaluation as a solution to a balance of payments problem depends on the Options:
  A) value of visible and invisible goods
  B) value of invisible items of both domestic and foreign trades
  C) relative elasticities of demand and supply of imports and exports
  D) foreign investments of businessmen
  Show Answer
  The correct answer is C .
• Question 1025: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 1026:

  Increasing national income without effective control of population size in a country can lead to

  Options:
  A) higher per capita income
  B) increase in poverty
  C) increased outflow of aid
  D) underutilization of resources
  Show Answer
  The correct answer is D .
• Question 1027: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
  Show Answer
  The correct answer is C .
• Question 1028: Which is NOT a method of raising capital funds in Nigeria? Options:
  A) Borrowing from abroad
  B) Internal borrowing
  C) Nigerianization of foreign companies
  D) Gifts from abroad
  E) Saling government bonds
  Show Answer
  The correct answer is C .
• Question 1029:

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .
• Question 1030: The demand curve for a normal good will shift to the left if? Options:
  A) the incomes of consumers rise
  B) the price of the goods rises
  C) the price of complementary goods rises
  D) advertising expenditure on complementary goods increase
  Show Answer
  The correct answer is B .