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 1121:

  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 1122: A budget deficit means Options:
  A) That a country is buying more than is selling
  B) That a country is selling more than is buying
  C) That a government is spending more than in takes in taxation
  D) That a government is spending less than it takes in taxation
  E) That a government is spending as much as it takes in taxation
  Show Answer
  The correct answer is C .
• Question 1123: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 1124: Which of the following goods are NOT examples of joint supply? Options:
  A) Beef and hides
  B) fuel and kerosene
  C) Palm oil and kernel
  D) Tea and coffee
  E) Wool and Mutton
  Show Answer
  The correct answer is D .
• Question 1125: Which of the following is NOT a visible item on international trade payment? Options:
  A) Payment for imported cars
  B) Receipt from cocoa exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payment for petroleum imports
  Show Answer
  The correct answer is C .
• Question 1126: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
  Show Answer
  The correct answer is B .
• Question 1127: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 1128: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .
• Question 1129: In Economics, want means…………aspiration Options:
  A) endless
  B) qualitative
  C) quantifiable
  D) satisfied
  Show Answer
  The correct answer is A .
• Question 1130: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .