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: If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is? Options:
  A) 50 oranges
  B) 10 oranges
  C) 5 oranges
  D) 9.80
  Show Answer
  The correct answer is A .
• Question 1992: The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price? Options:
  A) always reflects the cost of labour
  B) reflects the variable, but not the fixed cost of production
  C) does not rise above variable costs
  D) is determined by the cost of production and the current rate of inflation
  Show Answer
  The correct answer is B .
• Question 1993: The major problem confronting a sole proprietor is Options:
  A) high level of risk
  B) limited expertise
  C) limited source of capital
  D) high taxation
  Show Answer
  The correct answer is C .
• Question 1994:

  Full employment is a situation in which _______

  Options:
  A) Every adult is employed.
  B) Only the disable are not employed.
  C) All adults who can work are employed.
  D) All those who are able and eligible can find employment
  Show Answer
  The correct answer is D .
• Question 1995: Optimum population is desirable because it enables an economy to obtain maximum? Options:
  A) per capita income
  B) per capital output
  C) per capita real income
  D) per capital revenue
  E) growth rate
  Show Answer
  The correct answer is A .
• Question 1996: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 1997: Utility is the satisfaction derived from? Options:
  A) demand
  B) production
  C) distribution
  D) consumption
  Show Answer
  The correct answer is D .
• Question 1998: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
  Show Answer
  The correct answer is B .
• Question 1999: Function of commercial banks do NOT include? Options:
  A) lending with interest charges
  B) carrying out transactions on behalf of customers
  C) expansion of money supply
  D) keeping of security document s for customers
  E) printing of currency
  Show Answer
  The correct answer is E .
• Question 2000: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
  Show Answer
  The correct answer is A .