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 2001:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2002:

  

  The point x inside the PPC indicates

  Options:
  A) resources are fully utilized
  B) the country is poor
  C) some resources are idle
  D) resources are not available
  Show Answer
  The correct answer is C .
• Question 2003: An entirely domestic effort directed at improving agricultural production in Nigeria is the? Options:
  A) Agricultural Development Programme
  B) Agro-industrial Development Scheme
  C) Food and Agricultural Organization
  D) National Land Development Authority
  Show Answer
  The correct answer is A .
• Question 2004:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .
• Question 2005:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 2006: Maximum wage legislation seeks to Options:
  A) fix wages above the equilibrium wage rate
  B) set wages below the equilibrium wage rate
  C) deter employers from exploiting their employees
  D) ensure an upper limit to the wages payable
  Show Answer
  The correct answer is D .
• Question 2007: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
  Show Answer
  The correct answer is C .
• Question 2008: Which of the following factors will NOT affect supply of maize in Nigeria? Options:
  A) Extension services to farmers
  B) Improve technology
  C) Price of maize
  D) Quantity of wheat produced
  E) Weather and climatic condition
  Show Answer
  The correct answer is D .
• Question 2009: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 2010:

  Fiscal policy measures imply a change in

  Options:
  A) only taxation to control aggregate demand
  B) bank rate to infulence lending
  C) only government expenditure to regulate an economy
  D) government revenue and expenditure to regulate an economy
  Show Answer
  The correct answer is D .