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 2021:

  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 2022: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 2023: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 2024: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
  Show Answer
  The correct answer is B .
• Question 2025: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 2026: The labour force of a country can be determined by examining the Options:
  A) age structure of the population
  B) sex distribution of the population
  C) geographical distribution of the population
  D) occupational distribution of the population
  Show Answer
  The correct answer is A .
• Question 2027: The land tenure system in Nigeria impedes agricultural production because? Options:
  A) land fragmentation makes possible easy access to land ownership
  B) it discourages specialization of factors of production
  C) it limits opportunity for mass production of agricultral goods
  D) small land holders generally do not get enough fertilizer to use
  Show Answer
  The correct answer is C .
• Question 2028:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 2029: The following are the main problems of distribution of essential commodities in Nigeria EXCEPT Options:
  A) excessive demand
  B) hoarding of goods
  C) long chain of distribution
  D) poor storage facilities
  E) poor transportation network
  Show Answer
  The correct answer is A .
• Question 2030: The most dominant economic activity which employs the largest number of people in West Africa is? Options:
  A) manufacturing
  B) transport
  C) government
  D) agriculture
  E) the petroleum industry
  Show Answer
  The correct answer is D .