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 1981: The marketing of agricultural commodities in Nigeria is hampered by Options:
  A) lack of adequate storage facilities
  B) the existence of farmers' associations
  C) the existance of commodity exchange
  D) the abolition of marketing boards
  Show Answer
  The correct answer is A .
• Question 1982:

  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 1983: which of the following is not true about occupational distribution of the labour force of West Africa? Options:
  A) A large percentage of the labour force is engaged in agriculture
  B) Agriculture is the most important occupation in West Africa
  C) The manufacturing sector employs a large percentage of the population
  D) Agriculture does not constitute an important source of paid employment
  E) The public sector forms an important source of paid employment
  Show Answer
  The correct answer is C .
• Question 1984: Equilibrium prices is Options:
  A) a price which equates demand with supply
  B) a price where there is excess demand
  C) where consumers gain much
  D) where producers gain much
  E) where supply is more than demand
  Show Answer
  The correct answer is A .
• Question 1985: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
  Show Answer
  The correct answer is B .
• Question 1986: A monopolist will practice price discrimination in two markets if? Options:
  A) the cost of separating the markets is large
  B) the markets have different elasticities of demand
  C) there is free flow of information in the two markets
  D) there is a patent of the commodity
  Show Answer
  The correct answer is B .
• Question 1987:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1988:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 1989: Nigeria is currently implementing the? Options:
  A) third development plan
  B) second development plan
  C) fourth development plan
  D) fifth development plan
  Show Answer
  The correct answer is C .
• Question 1990:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .