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 1401: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 1402: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C .
• Question 1403:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .
• Question 1404: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 1405: Plantation farming can best be defined as cultivation of Options:
  A) crops using hoes and cutlasses for farming
  B) food crops for personal consumption
  C) food for use by the family
  D) large scale farms of cash crops
  E) livestock for commercial purposes
  Show Answer
  The correct answer is D .
• Question 1406:

  The problem of conducting census include

  Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in the country
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 1407: One of the characteristics of an imperfect market is the? Options:
  A) large number of buyers and sellers in the market
  B) awareness of market conditions by buyers
  C) availability of substitutes
  D) heterogenetity of products
  Show Answer
  The correct answer is D .
• Question 1408:

  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 1409:

  Fiscal policy measures imply a change in

  Options:
  A) only taxation to control aggregate demand
  B) bank rate to infulence lending
  C) only government expenditure to regulate an economy
  D) government revenue and expenditure to regulate an economy
  Show Answer
  The correct answer is D .
• Question 1410:

  When a generalization is made based on observed facts, it is

  Options:
  A) inductive reasoning
  B) normative reasoning
  C) theoretical reasoning
  D) deductive reasoning
  Show Answer
  The correct answer is A .