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 2051: One of the main achievements of the Economic Commission for Africa is Options:
  A) eliminating trade restrictions among states
  B) encouraging transport and communication development
  C) guaranteeing a steady flow of foreign investment into Africa
  D) providing the machinery for collaboration on monetary issues
  Show Answer
  The correct answer is A .
• Question 2052: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
  Show Answer
  The correct answer is C .
• Question 2053: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
  Show Answer
  The correct answer is A .
• Question 2054: All the following are problems identified with agriculture in West Africa except Options:
  A) land tenure system
  B) ignorance of the farmers
  C) use of crude implement
  D) provision of food for the teeming population
  Show Answer
  The correct answer is D .
• Question 2055: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 2056: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 2057: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .
• Question 2058: The short-run equilibrium output for a monopolist is determined by the? Options:
  A) highest point on the total revenue curve
  B) minimum point on the average revenue and the average cost curve
  C) intersection of the average revenue and the average cost curves
  D) intersection of the marginal cost and marginal revenue curves
  Show Answer
  The correct answer is C .
• Question 2059: Which of the following is a transfer payment? Options:
  A) Dividend to a shareholder
  B) Gift to a mothers less babies' home
  C) Salary to a worker
  D) Rent to a landlord
  Show Answer
  The correct answer is A .
• Question 2060: In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ? Options:
  A) quantity discounts allowed final consumer
  B) reward for business enterpreneurship
  C) effectiveness of government control over the economy's marketing channels
  D) extent of exploitation of the final consumer
  Show Answer
  The correct answer is B .