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 2301: A firm owned and managed by a family is an example of ______? Options:
  A) joint stock exchange
  B) cooperative society
  C) sole proprietorship
  D) partnership
  Show Answer
  The correct answer is D .
• Question 2302: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .
• Question 2303:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 2304:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 2305:

  To control inflation, the monetary authorities of a country can

  Options:
  A) reduce taxes
  B) advise the government to increase its expenditure
  C) engage in expansive monetary policies
  D) engage in restrictive monetary policies
  Show Answer
  The correct answer is D .
• Question 2306: A major problem facing all economies is how to? Options:
  A) increase consumption of imported goods
  B) improve trade among nations
  C) transform from a developing to a developed economy
  D) allocate scarce resources
  Show Answer
  The correct answer is D .
• Question 2307: Economic freedom is a basic feature of economy Options:
  A) an industrialized economy
  B) a planned economy
  C) a developed economy
  D) a market economy
  Show Answer
  The correct answer is D .
• Question 2308: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .
• Question 2309:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 2310: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .