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 1331: Which of the following is an example of derived demand? Options:
  A) Tax relief
  B) Labour
  C) Wage increase
  D) Entertainment
  Show Answer
  The correct answer is B .
• Question 1332: The most popularly adopted industrialization strategy in West Africa is? Options:
  A) import substitution
  B) export promotion
  C) ports development
  D) infant industries protection
  Show Answer
  The correct answer is A .
• Question 1333: Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria? Options:
  A) A more even development of the different parts of the country will be assured
  B) There will be an unbalanced spread in the distribution of industries
  C) The less developed parts of the country will be able to attract more industries
  D) Only the government will be able to finance the establishment of industries
  Show Answer
  The correct answer is B .
• Question 1334: A monopolist can boost up his revenue by Options:
  A) adjusting both price and output upward
  B) reducing total output to match price
  C) increasing price
  D) reducing price
  Show Answer
  The correct answer is B .
• Question 1335:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
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  The correct answer is A .
• Question 1336: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 1337:

  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
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  The correct answer is D .
• Question 1338: An economy in which both the public and the private sectors contribute substantially to the growth of output is? Options:
  A) a socialist economy
  B) a capitalist economy
  C) a mixed economy
  D) an industrial economy
  E) a peasant economy
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  The correct answer is C .
• Question 1339:

  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 1340: If a good is an inferior good, then? Options:
  A) it is also necessarily a Giffen good
  B) the quality of the goods demanded varies inversely with its price
  C) its income elasticity of demand is negative
  D) the poor buy the good only out of habit
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  The correct answer is C .