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 2291: An important contribution of small-scale industries to the Nigerian economy is in the area of Options:
  A) technological development
  B) foregin exchange earnings
  C) raw materials processing
  D) labour employment
  Show Answer
  The correct answer is D .
• Question 2292: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .
• Question 2293: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 2294: Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under? Options:
  A) the marketing boards
  B) the commodity boards
  C) the river-basin authorities
  D) private investors and individuals
  Show Answer
  The correct answer is D .
• Question 2295: 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 2296: If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be? Options:
  A) greater than the equilibrium supply
  B) smaller than the equilibrium supply
  C) the same as the equilibrium supply
  D) a determinant of the market forces of equilibrium
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  The correct answer is B .
• Question 2297: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
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  The correct answer is B .
• Question 2298:

  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 .
• Question 2299:

  

  The percentage of working population in 2002 is

  Options:
  A) 50%
  B) 25%
  C) 8%
  D) 80%
  Show Answer
  The correct answer is D .
• Question 2300: The first commercial oil well in Nigeria was discovered in Options:
  A) 1938
  B) 1951
  C) 1956
  D) 1958
  E) 1961
  Show Answer
  The correct answer is C .