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 2071: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .
• Question 2072: An accurate census is important to a country because it helps? Options:
  A) in solving unemployment problem
  B) to ensure equitable population redistribution relative to natural resources
  C) in deciding on the creation of more local government
  D) in providing a second basis for formulating development policy
  Show Answer
  The correct answer is D .
• Question 2073: Which is NOT a function of Central Bank in West Africa Options:
  A) Dealing in foreign exchange
  B) Issuing of currency
  C) Accepting deposit from private customers
  D) Acting as government bank
  E) Acting as bankers bank
  Show Answer
  The correct answer is C .
• Question 2074:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 2075: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 2076: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 2077:

  Age range in years	% ofpopulation
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country.

  The dependency ratio between 1960 and 1990 is

  Options:
  A) increased by 5%
  B) increased by 2%
  C) decrease by 2%
  D) decrease by 5%
  Show Answer
  The correct answer is C .
• Question 2078:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 2079: Which of the following advantages of localization of industries may also be a disadvantage? Options:
  A) External economies
  B) Concentration of industries and of people
  C) Development of organized markets
  D) Reduced costs of research
  Show Answer
  The correct answer is B .
• Question 2080: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .