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 1101:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 1102:

  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 1103: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 1104: Minimum price legislation by government will Options:
  A) reduce supply
  B) increase supply
  C) reduce demand and create surplus
  D) increase demand and create scarcity
  Show Answer
  The correct answer is C .
• Question 1105:

  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 1106: Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is? Options:
  A) N 1.5 m
  B) N 2.0m
  C) the house
  D) the car
  Show Answer
  The correct answer is C .
• Question 1107:

  The main objective of marketing boards is to

  Options:
  A) accumulate revenue for government
  B) educate farmers on pricing of cash crops
  C) stabilize the incomes of cash crop farmers
  D) provide warehousing facilities
  Show Answer
  The correct answer is C .
• Question 1108: Production in Economics can be defined as the Options:
  A) totality of producing, buying and consuming
  B) transformation of raw materials and services in order to provide ultimate utility
  C) transformation of raw materials and services in order to make maximum profit
  D) production of goods and services for consumption
  Show Answer
  The correct answer is D .
• Question 1109: Utility is the satisfaction derived from? Options:
  A) demand
  B) production
  C) distribution
  D) consumption
  Show Answer
  The correct answer is D .
• Question 1110:

  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 .