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 2111: 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 2112: Which is NOT a direct effort to increase Agricultural production in Nigeria? Options:
  A) Operation feed the Nation
  B) Nigerian Youth Service Corps
  C) Increased loans to farmers and cooperatives
  D) Research in Agric & Extension services
  E) Mechanization of Agriculture
  Show Answer
  The correct answer is B .
• Question 2113: One of the disadvantages of division of labour is that? Options:
  A) there is saving of time
  B) it result in workers acquiring greater skill at their jobs
  C) there is a greater risk of unemployment
  D) it makes possible the use of machinery
  E) it makes the worker less fatigued by his work
  Show Answer
  The correct answer is C .
• Question 2114: One of the functions of Development Banks is to Options:
  A) mint money for the development of the economy
  B) provide short-term loans to commercial banks
  C) provide medium and long-term finance for the development of the banking system
  D) provide medium and long-term finance for the development of the economy
  Show Answer
  The correct answer is D .
• Question 2115:

  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 2116:

  Business cycle is associated with

  Options:
  A) Recession
  B) Unemployment
  C) Seasonal variation
  D) Inflation
  Show Answer
  The correct answer is A .
• Question 2117: The profit of a monopolist can be eliminated where price equals Options:
  A) AFC
  B) MC
  C) AC
  D) AVC
  Show Answer
  The correct answer is A .
• Question 2118:

  The need to construct a scale of preference is necessitated by____________

  Options:
  A) scarcity and the need for choice
  B) The needs to satisfy wants
  C) Non - availability of factors of production
  D) Scarcity of resources
  Show Answer
  The correct answer is A .
• Question 2119: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 2120:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .