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:

  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 .
• Question 1992:

  

  In the diagram above, profit is maximized at the output level

  Options:
  A) ON
  B) OK
  C) OL
  D) OF
  Show Answer
  The correct answer is C .
• Question 1993: Which of the following is a function of the central bank? Options:
  A) Accepting deposits from the public
  B) Agent of payment for individuals
  C) Discounting bills of exchange
  D) Issuing of currency
  E) Provision of short term housing loans
  Show Answer
  The correct answer is D .
• Question 1994: One of the roles of NNPC in the production and refining of crude oil is to? Options:
  A) secure maximum government revenue and regulate price
  B) prevent the smuggling of petroleum products
  C) satisfy the domestic consumption of petroleum products
  D) protect the local operators in the petroleum industry
  Show Answer
  The correct answer is C .
• Question 1995: Which of the following source of income is spectacular only to Government ? Options:
  A) Payment from business transfer
  B) Bonuses
  C) Tax
  D) Wages
  Show Answer
  The correct answer is C .
• Question 1996:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .
• Question 1997: The slow pace of industrial growth in Nigeria can be attributed to__________? Options:
  A) lack of raw materials
  B) lack of market for produce
  C) inadequate skilled labour
  D) over-dependence on the oil sector
  Show Answer
  The correct answer is D .
• Question 1998:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 1999: The losses suffered by a sole proprietor are? Options:
  A) usually equal to the amount invested
  B) usually less than the amount invested
  C) limted to the amount invested
  D) not limited to the amount invested
  Show Answer
  The correct answer is D .
• Question 2000: The relationship between the cost of living and standard of living is Options:
  A) A rise in cost of living gives a corresponding rise in standard of living
  B) A lower cost of living give a higher standard of living
  C) A lower cost of living give a lower standard of living
  D) None of the above
  Show Answer
  The correct answer is B .