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 101: The major problem of conducing a census in Nigeria is Options:
  A) inadequate skilled personnel
  B) financial constraint
  C) urban congestion
  D) lack of political will
  Show Answer
  The correct answer is D .
• Question 102:

  

  Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above

  Options:
  A) A
  B) B
  C) C
  D) D
  Show Answer
  The correct answer is B .
• Question 103: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .
• Question 104: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 105:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 106:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 107:

  A contractionary monetary policy is used to control__________

  Options:
  A) Deflation
  B) Inflation
  C) Recession
  D) Balance of Payment deficit
  Show Answer
  The correct answer is B .
• Question 108:

  

  In the diagram I refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .
• Question 109:

  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 110:

  

  The line Y in the diagram represents

  Options:
  A) total cost
  B) variable cost
  C) fixed cost
  D) marginal cost
  Show Answer
  The correct answer is C .