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 2151: Wheat grows best in? Options:
  A) tropical climate
  B) temperate climate
  C) equatorial climate
  D) hot desert
  Show Answer
  The correct answer is B .
• Question 2152: Data presented in a circular chart is known as Options:
  A) circular chart
  B) component chart
  C) histogram
  D) pictograph
  E) pie chart
  Show Answer
  The correct answer is E .
• Question 2153: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? Options:
  A) An indifference curve
  B) An exceptional demand curve
  C) A budget line
  D) An isoquant map
  Show Answer
  The correct answer is A .
• Question 2154:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .
• Question 2155: If the marginal utility of good X exceeds that of good Y, this implies that Options:
  A) a rational consumer will buy less of X
  B) consuming more of X will increase total utility
  C) Y is an inferior good
  D) X will be cheaper than Y
  Show Answer
  The correct answer is B .
• Question 2156: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
  Show Answer
  The correct answer is A .
• Question 2157: The labour force in Nigeria falls between the ages of Options:
  A) 18 and 45
  B) 18 and 55
  C) 18 and 30
  D) 18 and 60
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  The correct answer is D .
• Question 2158: If the production of a large firm is higher than that of a small firm, it is experiencing. Options:
  A) external economies of scale
  B) external diseconomies of scale
  C) internal economies of scale
  D) internal diseconomies of scale
  Show Answer
  The correct answer is C .
• Question 2159:

  The assumptions of the principles of comparative cost advantage is based onI. Absence of Trade Restrictions

  II. No transport costs

  III. Constant technology

  Options:
  A) II & III only
  B) I & II only
  C) I, II & III only
  D) II only
  E) III only
  Show Answer
  The correct answer is B .
• Question 2160:

  Which of the following would not be a reason for a government to impose a quota on imports?

  Options:
  A) To support strategic industry
  B) To prevent dumping
  C) To decrease tax revenue
  D) Employment oppourtunity
  Show Answer
  The correct answer is C .