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 1991:

  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 1992: The most important requirement for increasing agriculture output in Nigeria is? Options:
  A) for the government to go into large scale farming
  B) to employ relevant foreign technology and reform the land tenure system
  C) to increase farmers'incomes and improve the farming techniques
  D) to employ more extension workers
  Show Answer
  The correct answer is C .
• Question 1993:

  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 1994:

  Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

  Options:
  A) 1:2
  B) 3:2
  C) 2:1
  D) 2:3
  Show Answer
  The correct answer is A .
• Question 1995: A monopolist is a Options:
  A) duopolist
  B) group of producers of related goods
  C) partnership business that produces a commodity with high demand
  D) single producer or seller of a commodity at cheap rate
  E) single producer or seller of a commodity that has no close substitute
  Show Answer
  The correct answer is E .
• Question 1996:

  Unit of capital	Total output (kg)
  1	16
  2	64
  3	126
  4	212
  5	425
  6	684

  Determine the average product of the 4th unit of capital

  Options:
  A) 53
  B) 86
  C) 212
  D) 213
  Show Answer
  The correct answer is A .
• Question 1997: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1998: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 1999: Disposable income in national income accounting is an income which Options:
  A) cannot be used again
  B) is available for consumption and saving
  C) is a available to disabled people
  D) must be wasted once and for all
  E) pensioners receive from the treasury board
  Show Answer
  The correct answer is B .
• Question 2000: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .