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 11: Banks aid economic expansion and development by? Options:
  A) being very strict in lending policies
  B) mobilizing savings for investment lending
  C) paying interest on deposit accounts
  D) charging high interest on loans
  Show Answer
  The correct answer is B .
• Question 12: A major limiting factor of mass production is Options:
  A) efficient management
  B) adequate labour supply
  C) small size of the market
  D) adequate supply of raw materials
  Show Answer
  The correct answer is C .
• Question 13:

  

  In the diagram above, what is the excess demand at the price of ₦60

  Options:
  A) 200
  B) 300
  C) 600
  D) 100
  Show Answer
  The correct answer is B .
• Question 14: Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are Options:
  A) partnerships and limited liability companies
  B) partnerships and sole proprietorships
  C) cooperatives and sole proprietorship
  D) corporation and sole proprietorship
  Show Answer
  The correct answer is B .
• Question 15: A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee? Options:
  A) 0.02 tonnes
  B) 0.2 tonnes
  C) 2 tonnes
  D) 20 tonnes
  E) 200 tonnes
  Show Answer
  The correct answer is C .
• Question 16: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 17: Agricultural production in Nigeria is constrained by Options:
  A) ineffective use of stabilization measures
  B) inadequate demand
  C) poor implementation of policies
  D) balance of payments deficits
  Show Answer
  The correct answer is C .
• Question 18: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 19: Tariff on imports are meant to? Options:
  A) prevent a foreign goods
  B) discourage exports
  C) encourage exports
  D) increase the level of external dependency
  Show Answer
  The correct answer is A .
• Question 20:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .