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:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 1122: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 1123: Marginal cost curve intersects average cost curve ? Options:
  A) from above at its lowest point
  B) from below before the lowest point
  C) from below at its lowest point
  D) from below after the lowest point
  E) at zero point
  Show Answer
  The correct answer is C .
• Question 1124: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 1125:

  The economic term used to refer to human wants, desires or needs is known as?

  Options:
  A) Ends
  B) Alternative means
  C) Scarce
  D) Means
  Show Answer
  The correct answer is A .
• Question 1126:

  

  What type of unemployment is revealed by the dotted lines on the graph?

  Options:
  A) frictional unemployment
  B) Cyclical unemployment
  C) Circular unemployment
  D) Underemployment
  Show Answer
  The correct answer is B .
• Question 1127:

  

  The flow labelled Y refers to

  Options:
  A) real income
  B) factor payment
  C) factor input
  D) national income
  Show Answer
  The correct answer is C .
• Question 1128: A change in demand for a normal good means Options:
  A) a shift in the demand curve
  B) a change in the price changes
  C) a movement along a given demand curve
  D) a change in the price elasticity
  Show Answer
  The correct answer is A .
• Question 1129:

  The Nigerian bank for commerce and industry is?

  Options:
  A) a commercial bank
  B) a development bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 1130:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .