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:

  Which of the following will cause an increase in cost of production?

  Options:
  A) Hyper-inflation
  B) Cost push inflation
  C) Structural inflation
  D) Demand pull inflation
  Show Answer
  The correct answer is B .
• Question 1952: The basic principles of co-operative societies are those of? Options:
  A) active participation of capitalist in the affairs of co-operative societies
  B) worker ownership and worker control
  C) sole proprietorship
  D) partnership
  E) denying of credit facilities to members
  Show Answer
  The correct answer is B .
• Question 1953:

  ECOWAS was formed for the purpose of________

  Options:
  A) promoting co-operation and integration
  B) to facilitate the expansion of international trade
  C) to provide insurance
  D) to insure new investment
  Show Answer
  The correct answer is A .
• Question 1954: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
  Show Answer
  The correct answer is A .
• Question 1955:

  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 1956:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1957: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .
• Question 1958: The theory of absolute advantage was propounded by Options:
  A) Adam Smith
  B) David Ricardo
  C) Irving Fisher
  D) JB Kynes
  E) Thomas Malthus
  Show Answer
  The correct answer is A .
• Question 1959: If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is? Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 1960: Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output? Options:
  A) N720.00
  B) N216.00
  C) N44.00
  D) N880.00
  Show Answer
  The correct answer is C .