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 1921:

  Adam Smith's Theory of value stated that the value of a commodity depended on________

  Options:
  A) The market price in a free market over a long period
  B) The over-all cost of production of the commodity
  C) The amount of labour expended on its production
  D) Its relative scarcity at any given time
  Show Answer
  The correct answer is C .
• Question 1922:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1923:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1924: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 1925: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 1926: On the basis of the contribution to employment, the most important economic sector in West African is? Options:
  A) industry
  B) agriculture
  C) construction
  D) commerce
  Show Answer
  The correct answer is D .
• Question 1927: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
  Show Answer
  The correct answer is D .
• Question 1928: An economy in which both the public and the private sectors contribute substantially to the growth of output is? Options:
  A) a socialist economy
  B) a capitalist economy
  C) a mixed economy
  D) an industrial economy
  E) a peasant economy
  Show Answer
  The correct answer is C .
• Question 1929: One of the criticisms of the price mechanism is that Options:
  A) producers are sovereign
  B) it provides low degree of freedom
  C) it widens the inequitable gap
  D) consumers are sovereign
  Show Answer
  The correct answer is D .
• Question 1930:

  

  The line labeled M in the diagram above represents

  Options:
  A) total cost
  B) fixed cost
  C) variable cost
  D) average cost
  Show Answer
  The correct answer is B .