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 1611:

  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 1612:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 1613:

  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 1614:

  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 1615: 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 1616:

  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 1617: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 1618: A major disadvantage of the arithmetic means is that it is Options:
  A) not useful for large data
  B) not suitable for further statistical analysis
  C) cumbersome to determine the actual value
  D) affected by extreme data
  Show Answer
  The correct answer is D .
• Question 1619:

  If inflation is anticipated, people may

  Options:
  A) save more money
  B) spend more money
  C) give out more loans
  D) spend less money
  Show Answer
  The correct answer is B .
• Question 1620: Which of the following strategies will provide more employment opportunities for Nigerians? Options:
  A) Investment in social services
  B) Industrialization
  C) Economics planning
  D) Eradication of illiteracy
  Show Answer
  The correct answer is B .