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 1801: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 1802: The overall demand for crude oil for various uses is an example of __________? Options:
  A) derived demand
  B) competitive demand
  C) composite demand
  D) complementary demand
  Show Answer
  The correct answer is C .
• Question 1803:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 1804: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .
• Question 1805: A typical corporate form of business organization is owned by Options:
  A) President of a country
  B) Shareholders
  C) The general manager and the executives
  D) A local government
  E) Foreigners and citizens of the country
  Show Answer
  The correct answer is B .
• Question 1806: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 1807: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 1808:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 1809: Inferior goods are referred to in Economics as goods Options:
  A) Whose quality is low
  B) Consumed by very poor people
  C) Whose consumption falls when cunsumers' income rises
  D) Which satisfy only the basic needs
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 1810: The oil-producing area in Nigeria are agitating for special compensation owing mainly to Options:
  A) the high level of poverty
  B) the high level of unemployment
  C) constant flooding
  D) environmental pollution
  Show Answer
  The correct answer is D .