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 1551: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 1552:

  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 1553: The major problem confronting a sole proprietor is Options:
  A) high level of risk
  B) limited expertise
  C) limited source of capital
  D) high taxation
  Show Answer
  The correct answer is C .
• Question 1554: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 1555: A comprehensive statement of Income and expenditure on international accounts for one financial year is called Options:
  A) balance of payments
  B) balance of trade
  C) budget
  D) Index of trade
  E) terms of trade
  Show Answer
  The correct answer is A .
• Question 1556: Disguised unemployment is the same thing as Options:
  A) residual unemployment
  B) seasonal unemployment
  C) structural unemployment
  D) under-employment
  E) voluntary unemployment
  Show Answer
  The correct answer is D .
• Question 1557: Nigeria earns the major part of her foreign exchange from the export of? Options:
  A) manpower to another countries
  B) crude oil
  C) petroleum products
  D) groundnuts and cotton
  E) palm oil and cocoa
  Show Answer
  The correct answer is B .
• Question 1558: A firm whose cost of production decrease as it continues to increase its output is said to be enjoying? Options:
  A) profit maximization
  B) large-scale production
  C) a wind fall
  D) government subsidies
  E) economies of scale
  Show Answer
  The correct answer is E .
• Question 1559: the Central Bank's expansionary monetary policy is justified at a period? Options:
  A) when the inflation rate is high and the economic is experiencing a boom
  B) of economic depression accompanied by low capacity utilization
  C) when trade unions are clamouring for higher wages
  D) when price of crude petroleum is rising
  Show Answer
  The correct answer is B .
• Question 1560:

  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 .