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 1971: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 1972: Money becomes a very poor store of value in a period of Options:
  A) Deflation
  B) Stable prices
  C) Recession
  D) Inflation
  E) Harvest
  Show Answer
  The correct answer is D .
• Question 1973: Which of the following statement is TRUE about ECOWAS? Options:
  A) The aim of ECOWAS is to ensure economic stability
  B) Bigger state in the community dominate the small state
  C) Members of the ECOWAS community can form cartel and create monopolies
  D) English is the only official language of ECOWAS
  Show Answer
  The correct answer is C .
• Question 1974: A major feature of capitalism is Options:
  A) collective ownership of means of production
  B) competition
  C) equality or egalitarianism
  D) redistribution of income
  E) socialization and welfare
  Show Answer
  The correct answer is B .
• Question 1975:

  The most important goal of OPEC is to?

  Options:
  A) present a united front for the purpose of raise prices of crude oil
  B) bring unity among the petroleum exporting countries
  C) ensure political stability among member states
  D) ensure that rules on quota production are strictly followed
  Show Answer
  The correct answer is D .
• Question 1976:

  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 1977: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
  Show Answer
  The correct answer is B .
• Question 1978: A firm determines its profit when it studies its? Options:
  A) Marginal Cost
  B) Average Cost
  C) Total Cost
  D) Average Cost relative to price in the market
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  The correct answer is D .
• Question 1979:

  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 1980: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .