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 2331: Economic problem arises as a result of Options:
  A) choice
  B) money cost
  C) opportunity cost
  D) scarcity
  E) scale of preference
  Show Answer
  The correct answer is D .
• Question 2332: One of the objectives of Nigeria's current population policy is to? Options:
  A) reduce the birth rate
  B) reduce the emmigration rate
  C) increase the birth rate
  D) enhance longevity
  Show Answer
  The correct answer is A .
• Question 2333: A major reason for having national development plans is to Options:
  A) ensure efficient use of available resources
  B) involve people in national programmes
  C) make government spend more on production
  D) ensure that more citizens are involved in planning
  Show Answer
  The correct answer is A .
• Question 2334:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2335:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2336:

  The savings deposit in a commercial bank is called____________?

  Options:
  A) near money
  B) call money
  C) capital
  D) fund
  Show Answer
  The correct answer is C .
• Question 2337:

  In perfectly elastic supply, the supply curve

  Options:
  A) is vertical
  B) is horizontal
  C) slopes upward
  D) slopes downward
  Show Answer
  The correct answer is B .
• Question 2338:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2339: Other products gotten from Petroleum include the following EXCEPT: Options:
  A) Rubber
  B) fuel
  C) paints
  D) insecticides
  Show Answer
  The correct answer is A .
• Question 2340:

  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 .