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 2011: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .
• Question 2012: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 2013: The introduction of money into the economy has helped to resolve the following problems EXCEPT Options:
  A) accessibility of needs
  B) availability of goods
  C) coincidence of wants
  D) making deferred payments
  E) measure and store of value
  Show Answer
  The correct answer is A .
• Question 2014: The advantages that accrue to a firm as the size of the firm increases are known as Options:
  A) external diseconomies
  B) internal returns to scale
  C) internal economies
  D) internal diseconomies
  E) constant returns to scale
  Show Answer
  The correct answer is C .
• Question 2015: The bowed shape of the Production possibilities curve illustrates _________ Options:
  A) that production is inefficient
  B) that demand is relatively inelastic
  C) that production is unattainable
  D) the law of increasing marginal cost
  Show Answer
  The correct answer is A .
• Question 2016: In an inflationary period which of the following statements is NOT true? Options:
  A) Wages rise simultaneously with prices
  B) The purchasing power of money diminishes
  C) More money runs after a limited quantity of goods
  D) Money supply increases
  E) Aggregate real demand exceeds aggregate real supply
  Show Answer
  The correct answer is A .
• Question 2017: The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as? Options:
  A) peasant agriculture
  B) plantation agriculture
  C) co-operative farming
  D) subsistence farming
  Show Answer
  The correct answer is D .
• Question 2018:

  When a country's population is experiencing increasing returns, that country is said to be?

  Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) under-populated
  Show Answer
  The correct answer is D .
• Question 2019: The U-shape of the long run average cost curve can be explained by the? Options:
  A) law of increasing returns
  B) law of constant returns
  C) law of diminishing returns
  D) concepts of economies and diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 2020: In economics, production is complete when Options:
  A) Goods are produced in the factory
  B) Goods are sold to the wholesalers
  C) Goods and services are produced by the government
  D) Prices are fixed for goods and services
  E) Goods and services finally reach the consumer
  Show Answer
  The correct answer is E .