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 1241: Normative economics deals with? Options:
  A) what is and not what should be
  B) facts and not figures
  C) facts and figures
  D) value judgements
  Show Answer
  The correct answer is D .
• Question 1242:

  Consider the following statements:

    1. Climate and availability of water largely determines the pattern of the population distribution.

    2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

    Which of the statement(s) given above is/are correct

  Options:
  A) Only 1
  B) Only 2
  C) Both 1 and 2
  D) Neither 1 nor 2
  Show Answer
  The correct answer is C .
• Question 1243: A disadvantage of concentrating industries in an area is that it could? Options:
  A) lead to conclusion among the firms
  B) result in evironmental pollution
  C) bring about diseconomies of scale
  D) increase the cost of production
  Show Answer
  The correct answer is B .
• Question 1244:

  If wage rate is less than the average revenue product, the firms would be earning________

  Options:
  A) loss
  B) super normal profit
  C) normal profit
  D) higher revenue
  Show Answer
  The correct answer is B .
• Question 1245: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 1246: in market economy, the question of what, how and for whom to produce are solved the Options:
  A) elected representative of the solved
  B) planning committe
  C) price mechanism
  D) government
  Show Answer
  The correct answer is A .
• Question 1247: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .
• Question 1248: Insurance companies invest mainly in instruments trade on the? Options:
  A) capital market
  B) Money market
  C) commodity market
  D) open market
  Show Answer
  The correct answer is A .
• Question 1249: The term 'double coincidence ' of wants is usually associated with a? Options:
  A) bilateral exchange mechanism
  B) monetary exchange mechanism
  C) stock exchange system
  D) barter exchange mechanism
  Show Answer
  The correct answer is D .
• Question 1250:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .