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 1951:

  Economists refer to private goods as

  Options:
  A) rivalrous and non-excludable
  B) rivalrous and excludable
  C) non rival and non- excludable
  D) non rival and excludable
  Show Answer
  The correct answer is B .
• Question 1952: The following measures used to check deflation EXCEPT Options:
  A) deficit financing
  B) improving distribution system
  C) increasing wages and salaries
  D) raising the bank rate
  E) reducing taxation
  Show Answer
  The correct answer is D .
• Question 1953: Which of thefollowing items is NOT an argument for locating industries in rural areas? Options:
  A) Rural areas supply agricultural raw material
  B) The pace of development will be quickened in rural areas
  C) Employment will be provided for rural inhabitants
  D) Capital is easily available in rural areas
  E) Suitable humid climate is sometimes found in rural areas
  Show Answer
  The correct answer is D .
• Question 1954: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 1955: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
  Show Answer
  The correct answer is A .
• Question 1956: In Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 1957:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .
• Question 1958:

  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 1959: The determinants of elasticity include? Options:
  A) price, time and availability of alternatives
  B) technology and cost of production
  C) time and availability of alternatives
  D) price, time and technology changes
  Show Answer
  The correct answer is A .
• Question 1960: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .