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 1221:

  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 1222:

  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 1223:

  Institutions serving as links between surplus and deficit units can be identified as

  Options:
  A) tax officers
  B) pension offices
  C) financial intermediates
  D) acceptance houses
  Show Answer
  The correct answer is C .
• Question 1224:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 1225: Which of the following sets fully represents factors of production? Options:
  A) Sunlight, machinery, man , land,
  B) Land, labour, capital, enterprise, technology
  C) Capital, technology, idaes, markets, land
  D) Land, water, weather
  E) Money, market , middlemen
  Show Answer
  The correct answer is B .
• Question 1226: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1227: One of the ways of improving the marketing of agricultural produce is by Options:
  A) Reviewing the land tenure system
  B) Ensuring even distribution of farm inputs
  C) Embarking on irrigation farming
  D) Establishing agricultural marketing boards
  Show Answer
  The correct answer is D .
• Question 1228:

  Price (₦)	Quantity Demanded
  8	10
  6	12

  If we move from 8 to 6, the elasticity of demand is_______

  Options:
  A) -1.25
  B) 0.62
  C) 1.25
  D) 1
  Show Answer
  The correct answer is C .
• Question 1229:

  

  In the table above, the price of commodity y is ₦2 and that of x is ₦1 while the individual has an income of ₦12. Determine the combination of the two commodities the individual should consume to maximize his utility

  Options:
  A) 3y and 3x
  B) 6y and 4x
  C) 3y and 6x
  D) 5y and 5x
  Show Answer
  The correct answer is C .
• Question 1230: Opportunity cost is best defined as? Options:
  A) the penalty for not seizing golden opportunities
  B) sacrificed alternative (output, income etc.)
  C) the cost of creating job opportunities
  D) payment made to an industrial worker
  E) the difference between fixed and variable costs
  Show Answer
  The correct answer is B .