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 1861: A decision on input combination solves the economic problem of Options:
  A) how to produce
  B) for whom to produce
  C) when to produce
  D) what to produce
  Show Answer
  The correct answer is D .
• Question 1862:

  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 1863:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 1864: A major assumption in a perfectly competitive market is that Options:
  A) the number of buyers and sellers is small
  B) individuals cannot influence prices
  C) the quality of products remains the same
  D) prices will always remain constant
  Show Answer
  The correct answer is B .
• Question 1865: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .
• Question 1866: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 1867: The Nigerian indigenization decree process involves Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1868:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 1869:

  Which of the following are direct taxes?

  Options:
  A) Sales taxes
  B) Excise taxes
  C) Income and company taxes
  D) Tarrif duties
  E) Commodity taxes
  Show Answer
  The correct answer is C .
• Question 1870: If the price of a commodity is fixed below equilibrium, this will lead to Options:
  A) excess demand
  B) a decrease in price
  C) an increase in price
  D) excess supply
  Show Answer
  The correct answer is A .