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 2201: The frequent value that occurs most in a data is Options:
  A) median
  B) mean
  C) mode
  D) range
  Show Answer
  The correct answer is C .
• Question 2202:

  Efficiency of labour in a country is determined by the following except the____________

  Options:
  A) Social attitude to work
  B) Education and training
  C) Total population
  D) Working conditions of workers
  Show Answer
  The correct answer is C .
• Question 2203: One of the unique features that distinguishes the perfect and imperfect market condition is _________ Options:
  A) profit motive principles
  B) absence of price control board
  C) price determines production and distribution
  D) number of sellers and buyers
  Show Answer
  The correct answer is D .
• Question 2204:

  

  In the diagram above W₁, W₂, W₃ and W₄ are different wage rates. The minimum wage rate is

  Options:
  A) W₁
  B) W₂
  C) W₃
  D) W₄
  Show Answer
  The correct answer is B .
• Question 2205: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 2206:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2207: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .
• Question 2208:

  The number of people who are qualified to work and who offered themselves for employment are called

  Options:
  A) mobility of labour
  B) working population
  C) migrant labour
  D) labour turnover
  Show Answer
  The correct answer is B .
• Question 2209: Mobility of labour is higher when there Options:
  A) is a monopoly of jobs in one location
  B) is intense competition for jobs in the same location
  C) are alternative jobs in the same location
  D) are no alternative jobs in the same location
  Show Answer
  The correct answer is C .
• Question 2210: Which of these is NOT associated with the problem of internal trade? Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .