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: A characteristic of the linear production function is that Options:
  A) the percentage change in inputs change exceeds output
  B) output and all inputs change by the same percentage
  C) the percentage change in output is greater than one
  D) the percentage change in output is less than one
  Show Answer
  The correct answer is B .
• Question 2012:

  

  The difference in each country's total output on specification is

  Options:
  A) 16000 units
  B) 9000 units
  C) 8000 units
  D) 7000 units
  Show Answer
  The correct answer is D .
• Question 2013:

  The "velocity" of money is

  Options:
  A) The real money supply divided by the real GDP
  B) The money supply multiplied by the price level
  C) The money supply divided by the price level
  D) The ratio of real GDP to the real money supply
  Show Answer
  The correct answer is D .
• Question 2014:

  Human wants are insatiable because wants are____________

  Options:
  A) Limited while means are scarce
  B) Unlimited and means are also unlimited
  C) Limited and means are also limited
  D) Unlimited while means are scarce.
  Show Answer
  The correct answer is D .
• Question 2015: The greatest proportion of government revenue in Nigeria comes from? Options:
  A) export of raw materials
  B) income taxes on individuals and business
  C) custom duties and excise duties
  D) loans and grants from industrially advanced countries
  Show Answer
  The correct answer is C .
• Question 2016: Fiscal policy is the government's plan to control aggregate demand by manipulating Options:
  A) the demand and supply of money
  B) revenue and expenditure
  C) tastes and preferences of consumers
  D) the structure of production and employment
  Show Answer
  The correct answer is B .
• Question 2017: The transfer to public shareholding corporations to private enterprises is Options:
  A) concession
  B) incorporation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 2018: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 2019:

  Which of the following Age group belongs to active Labour force?

  Options:
  A) 15 - 25yrs
  B) 0 - 17yrs
  C) 65yrs and above
  D) 18 - 64yrs
  Show Answer
  The correct answer is D .
• Question 2020: Trade takes place because of Options:
  A) marginal utility
  B) inefficiency in production
  C) opportunity cost
  D) comparative advantage
  Show Answer
  The correct answer is D .