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 1701: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 1702: Which of the following is the cheapest for the government in improving the welfare of its citizens? Options:
  A) Subsidy
  B) Income supplement
  C) Donation to specific projects
  D) Wages increase
  Show Answer
  The correct answer is C .
• Question 1703:

  One of these is not a problem of agriculture___________

  Options:
  A) provision of employment
  B) lack of preservation and storage facilities
  C) land tenure system
  D) poor transportation systems
  Show Answer
  The correct answer is A .
• Question 1704: 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 1705: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 1706: Liquidation of limited liability company implies that the? Options:
  A) company may not pay its debt
  B) debts of the company can only be paid from its own assets
  C) debts of the company are paid from both business and private funds of the owners
  D) debts of the company musts be paid from public funds only
  Show Answer
  The correct answer is B .
• Question 1707: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .
• Question 1708: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• Question 1709: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
  Show Answer
  The correct answer is C .
• Question 1710: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .