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 1621: Population growth can be calculated as ? Options:
  A) Birth rate + death rate + migration rate + immigration rate
  B) Birth rate – death rate + migration rate -immigration rate
  C) Birth rate + death rate – migration rate + immigration rate
  D) Birth rate – death rate – emigration rate + immigration rate
  E) Birth rate – death rate
  Show Answer
  The correct answer is D .
• Question 1622:

  The economies of West African Countries depend majorly on

  Options:
  A) primary product
  B) secondary product
  C) tertiary product
  D) manufacturing product
  Show Answer
  The correct answer is A .
• Question 1623: The most important limitation on the partner as a form of business enterprise is the? Options:
  A) implication for partners'liability
  B) legal limitation placed on the number of partners
  C) difficulties arising from having two co-ordinate heads of a firm
  D) fact that each partner regardless of the capital he contributes, must have the same voting rights
  Show Answer
  The correct answer is B .
• Question 1624: Minimum price control is aimed at Options:
  A) increasing the size of the market
  B) minimizing the profit level
  C) punishing the consumers
  D) protecting the consumer
  E) reducing the size of the market
  Show Answer
  The correct answer is B .
• Question 1625:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1626: The main objective of WTO is to Options:
  A) help countries with chronic balance of payments problems
  B) help debtor nations solve their problems
  C) ensure adequate tariff protection for infant industries
  D) provide a mechanism for tariff reductions
  Show Answer
  The correct answer is D .
• Question 1627: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 1628: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 1629: All the following are properties of an indifference curves except Options:
  A) it can intersect
  B) it slopes downward from left to right like that of a normal demand curve
  C) as it shift rightward it indicate higher and higher level of satisfaction
  D) it does not intersect
  Show Answer
  The correct answer is A .
• Question 1630:

  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
  Show Answer
  The correct answer is A .