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 1311: In the equation Q = a - bp + e; Q and P are .... Variables respectively. Options:
  A) constant and dependent
  B) dependent and independent
  C) error term and independent
  D) independent and constant
  E) independent and dependent
  Show Answer
  The correct answer is E .
• Question 1312: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 1313: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .
• Question 1314: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 1315: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 1316: One of the characteristics of an imperfect market is? Options:
  A) a large number of buyers and sellers
  B) a lack of homogeneity of products
  C) an adequate awareness of market conditions by buyers and sellers
  D) the availability of substitutes
  Show Answer
  The correct answer is B .
• Question 1317: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 1318: The distribution channel that contributes most to the cost of production is? Options:
  A) producer-wholesaler-consumer
  B) producer-retailer-consumer
  C) producer-retailer-wholesaler-consumer
  D) producer-wholesaler-retailer-consumer
  Show Answer
  The correct answer is D .
• Question 1319:

  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 1320: One of the assumptions of the cardinalist approach is Options:
  A) diminishing marginal rate of substitution
  B) the consistency and transitivity of choice
  C) that total utility depends on the quantity of the commodities consumed
  D) unstable marginal utility of money
  Show Answer
  The correct answer is C .