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:

  In a free market economy. the rationing of scarce goods is done principally by_______

  Options:
  A) Consumers
  B) The government
  C) The price mechanism
  D) All of the above
  Show Answer
  The correct answer is A .
• Question 1122: Gains from trade depends on? Options:
  A) comparative advantage
  B) absolute advantage
  C) distributive cost advantage
  D) absolute cost advantage
  Show Answer
  The correct answer is A .
• Question 1123: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 1124: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
  Show Answer
  The correct answer is B .
• Question 1125:

  Given two substitute goods (X and Y) with demand and supply function;

  Qd = 7p - 12

  Qs = 4p + 9

  Find the magnitude of excess demand when p = ₦18

  Options:
  A) 303
  B) 30
  C) 114
  D) 33
  Show Answer
  The correct answer is D .
• Question 1126: The use of government revenue and expenditure to achieve set objectives is known as Options:
  A) budget
  B) fiscal policy
  C) revenue allocation
  D) monetary policy
  Show Answer
  The correct answer is B .
• Question 1127: The value of the total output produced within Nigeria by all residents (citizens and non-citizens) is referred to as the? Options:
  A) gross national product
  B) disposable income
  C) national income
  D) gross domestic product
  Show Answer
  The correct answer is D .
• Question 1128: An increase in the supply of labour in a factory while other things remain equal will lead to? Options:
  A) an increase in the wage rate and an increase in the number of people employed
  B) a decreased in the wage rate and a decrease in employment
  C) an increase in the wage rate and an decrease in the employment
  D) a decrease in the wage rate and an increase in employment
  Show Answer
  The correct answer is D .
• Question 1129:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 1130: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .