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 1461:

  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 1462:

  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 1463: In a free market economy, available resources are more efficiently allocated by complete reliance on? Options:
  A) development planning
  B) strategic planning
  C) capital budgeting
  D) price system
  Show Answer
  The correct answer is D .
• Question 1464:

  The factor of production that has the highest degree of mobility is?

  Options:
  A) land
  B) labour
  C) capital
  D) entrepreneur
  Show Answer
  The correct answer is B .
• Question 1465:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1466:

  

  Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

  Options:
  A) Technology, weather and population
  B) Technology, price and tastes
  C) Weather, price and technology
  D) Population, weather and teastes
  Show Answer
  The correct answer is C .
• Question 1467: The Malthusian theory was concerned about the relationship between Options:
  A) population growth rates of the rich and the poor nations
  B) population density and national income
  C) population growth rate and natural resources
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 1468: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
  Show Answer
  The correct answer is B .
• Question 1469: The primary objective of all international economic organizations is to? Options:
  A) ensure that third world countries get a better share of the world's resources
  B) promote international economic co-operation for the mutual benefit of all members
  C) enforce structural adjustment programmes on less developed countries
  D) encourage exports from the developed to the less developed countries
  Show Answer
  The correct answer is B .
• Question 1470: Which of the following business units can issue shares? Options:
  A) Partnership
  B) Public limited liability company
  C) Sole proprietorship
  D) Central bank
  Show Answer
  The correct answer is B .