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 201:

  The most important goal of OPEC is to?

  Options:
  A) present a united front for the purpose of raise prices of crude oil
  B) bring unity among the petroleum exporting countries
  C) ensure political stability among member states
  D) ensure that rules on quota production are strictly followed
  Show Answer
  The correct answer is D .
• Question 202: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .
• Question 203: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 204: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) long-term financial instruments
  B) money market instruments
  C) cash and near money
  D) short-term financial instruments
  Show Answer
  The correct answer is C .
• Question 205:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 206: Agriculture is central to Nigeria''s economic development because? Options:
  A) Nigeria''s comparative advantage lies mainly in agro-allied industries
  B) agriculture is the largest employer of labour
  C) agriculture accounts for an insignificant domestic product
  D) Nigeria earns limitless foreign exchange from agriculture
  Show Answer
  The correct answer is B .
• Question 207: What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices? Options:
  A) Free market
  B) Perfectly competitive market
  C) Controllled market
  D) Stock exchange market
  E) Open market
  Show Answer
  The correct answer is B .
• Question 208:

  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 209: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 210:

  X	2	3	4	5
  F	2	5	2	1

   

  What is the median of the distribution?

   

  Options:
  A) 5
  B) 4
  C) 3
  D) 2
  Show Answer
  The correct answer is C .