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 1751:

  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 1752: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 1753: Maximum wage legislation seeks to Options:
  A) fix wages above the equilibrium wage rate
  B) set wages below the equilibrium wage rate
  C) deter employers from exploiting their employees
  D) ensure an upper limit to the wages payable
  Show Answer
  The correct answer is D .
• Question 1754: An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy. Options:
  A) capitalist
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .
• Question 1755:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .
• Question 1756:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 1757: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 1758: Long-term funds for investment projects are sourced from the Options:
  A) money market
  B) commodity market
  C) foreign exchange market
  D) capital market
  Show Answer
  The correct answer is D .
• Question 1759: The reform in the banking sector in Nigeria is principally motivated by the need to Options:
  A) increase the capital base of banks
  B) provide more money to run the economy
  C) minimize the rate of bank failures
  D) enhance efficiency in bank operations
  Show Answer
  The correct answer is C .
• Question 1760: In Nigeria, the location of a steel industry at Ajaokuta is due to Options:
  A) the availability of transport ntwork
  B) the proximity to source of power
  C) the proximity to large deposits of iron ore
  D) political consideration
  Show Answer
  The correct answer is C .