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: Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas? Options:
  A) The deregulation of the banking system
  B) The increase in the number of merchant banks
  C) The community banking scheme
  D) The deregulation of interest rate
  Show Answer
  The correct answer is C .
• Question 2022: As long as marginal utility is positive, total utility must be Options:
  A) negative
  B) increasing
  C) zero
  D) decreasing
  Show Answer
  The correct answer is B .
• Question 2023: Which of the following is a disadvantage of sole proprietorship? Options:
  A) Does not enjoy limited liability
  B) Decisions are easily made and implemented
  C) Easy to set up
  D) Enjoys secrecy
  E) Maintains dose relationship with workers and customers
  Show Answer
  The correct answer is A .
• Question 2024: An issue of bank-notes not backed by gold but by government securities is known as? Options:
  A) fiduciary isssue
  B) guaranteed money
  C) seignior age
  D) legal tender
  Show Answer
  The correct answer is A .
• Question 2025:

  

  In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

  Options:
  A) 23 and 20
  B) 22 and 19
  C) 14 and 19
  D) 11 and 20
  Show Answer
  The correct answer is B .
• Question 2026: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 2027: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .
• Question 2028: Which of the following is a characteristic of private enterprises? Options:
  A) business risks are borne by the buyers
  B) capital is provided by the public
  C) control and management of the business is in the hands of customer
  D) the business is owned and run by government
  E) The main aim of setting up the business is to maximize profit
  Show Answer
  The correct answer is E .
• Question 2029:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 2030: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do? Options:
  A) Check how much he has
  B) Find out which is the cheapest of the items
  C) Draw up a scale of preference
  D) Weigh the opportunity cost of each item against the other
  Show Answer
  The correct answer is C .