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 171: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
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  The correct answer is A .
• Question 172: What form of market is found in an imperfect competition where there are few buyers and many sellers? Options:
  A) Oligopoly
  B) Monopoly
  C) Duopoly
  D) Oligopsony
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  The correct answer is D .
• Question 173: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
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  The correct answer is D .
• Question 174: The voting power in co-operative societies is vested on Options:
  A) management
  B) members without loan
  C) shareholders
  D) members with the highest contribution
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  The correct answer is C .
• Question 175: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
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  The correct answer is A .
• Question 176: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
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  The correct answer is C .
• Question 177:
  

  The diagram above represent

  Options:
  A) perfect competition
  B) mononpoly
  C) demand curve
  D) competitive market
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  The correct answer is B .
• Question 178: Taxes which are levied on a person’s expenditures are known as? Options:
  A) Purchase tax
  B) Sales tax
  C) Direct tax
  D) Poll tax
  E) Income tax
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  The correct answer is A .
• Question 179:

  Money becomes a very poor store of value in a period of _______

  Options:
  A) Harvest
  B) Deflation
  C) Recession
  D) Inflation
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  The correct answer is D .
• Question 180:

  

  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 .