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 1201:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 1202:

  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 1203: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 1204:

  Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.

  Determine the range?

  Options:
  A) 0.25
  B) 10.00
  C) 1.55
  D) 9.95
  Show Answer
  The correct answer is D .
• Question 1205: Economics is called a social science because it is Options:
  A) A branch of social studies
  B) A study of the ways man devises to satisfy his unlimited wants from unlimited resources
  C) A dismissal science in the Malthusian sense
  D) Governed by scientific law
  E) The study of human wants by the means of scientific method of observation
  Show Answer
  The correct answer is B .
• Question 1206: An entirely domestic effort directed at improving agricultural production in Nigeria is the? Options:
  A) Agricultural Development Programme
  B) Agro-industrial Development Scheme
  C) Food and Agricultural Organization
  D) National Land Development Authority
  Show Answer
  The correct answer is A .
• Question 1207:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1208: An effect of inflation is that it? Options:
  A) discourages trade by barter
  B) favours debtors at the expense of creditors
  C) increases the real income of salary earners
  D) increases the value of a country's exports
  Show Answer
  The correct answer is B .
• Question 1209: On the basis of the contribution to employment, the most important economic sector in West African is? Options:
  A) industry
  B) agriculture
  C) construction
  D) commerce
  Show Answer
  The correct answer is D .
• Question 1210: The advantages that accrue to a firm as the size of the firm increases are known as Options:
  A) external diseconomies
  B) internal returns to scale
  C) internal economies
  D) internal diseconomies
  E) constant returns to scale
  Show Answer
  The correct answer is C .