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: By subsistence production we mean? Options:
  A) goods and services are produced for consumption only
  B) goods and services are sold to others
  C) raw materials are produced in the country
  D) goods and services are produced for the market
  E) none of these
  Show Answer
  The correct answer is A .
• Question 1952: 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 1953: 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 1954: Wheat grows best in? Options:
  A) tropical climate
  B) temperate climate
  C) equatorial climate
  D) hot desert
  Show Answer
  The correct answer is B .
• Question 1955:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 1956:

  A firm that closes down will still incur

  Options:
  A) variable cost
  B) fixed cost
  C) total cost
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1957: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do? Options:
  A) Check how much he has
  B) Find out which is the cheapest of the items
  C) Draw up a scale of preference
  D) Weigh the opportunity cost of each item against the other
  Show Answer
  The correct answer is C .
• Question 1958: Concentrating industries in one place is advantageous because there are gains in terms of? Options:
  A) external economies
  B) internal economies
  C) economies of scale
  D) cost economies
  Show Answer
  The correct answer is A .
• Question 1959: The equilibrium price clears the market; it is the price at which___________ Options:
  A) Everything is sold
  B) Buyers spend all their money
  C) Excess demand is zero
  D) None of the above
  Show Answer
  The correct answer is C .
• Question 1960: An nation's distribution of income shows? Options:
  A) the value of all goods produce inthe economy
  B) how income is divided among different groups
  C) where the economy system is on its production possibility curve
  D) the consumption behaviour of the people
  Show Answer
  The correct answer is B .