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 2341: Mobility of labour is NOT affected by Options:
  A) optimum size of population
  B) marriage and family
  C) regulation of trade unions
  D) period of training
  Show Answer
  The correct answer is A .
• Question 2342: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .
• Question 2343: If a person demands money for buying and selling securities. It is referred as demanding money for Options:
  A) Transaction purposes
  B) Speculative purposes
  C) Precautionary purposes
  D) Meeting the educational expenses of the children
  E) Carrying out gambling activities
  Show Answer
  The correct answer is B .
• Question 2344: 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 2345: If a total cost curve is plotted, marginal cost can be illustrated by the? Options:
  A) slope of the tangent to the curve at any given output
  B) U-shaped curve cutting the total cost curve at its lowest point
  C) straight line from the origin to the mid-point of the curve
  D) straight line cutting the curve at its highest point
  Show Answer
  The correct answer is B .
• Question 2346:

  Which of the following activities will not lead to economic growth?

  Options:
  A) Massive importation of capital goods
  B) Intensive capital formation
  C) Use of modern technology
  D) Massive importation of consumer goods
  Show Answer
  The correct answer is D .
• Question 2347: One of the roles of NNPC in the production and refining of crude oil is to? Options:
  A) secure maximum government revenue and regulate price
  B) prevent the smuggling of petroleum products
  C) satisfy the domestic consumption of petroleum products
  D) protect the local operators in the petroleum industry
  Show Answer
  The correct answer is C .
• Question 2348: When a union is composed of workers with the same skill,it is termed Options:
  A) a technical union
  B) a craft union
  C) an industrial union
  D) a workers' union
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  The correct answer is B .
• Question 2349: If the income of a consumer rises and his demand for good X falls, good X can be described as Options:
  A) a normal good
  B) an adnoral good
  C) a good with inelastic demand
  D) a good with unitary elastic demand
  E) none of the above
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  The correct answer is E .
• Question 2350: A major objective of the Federal Government's initiative on cassava production in Nigeria is to Options:
  A) diversify the export base of the economy
  B) ensure the availability of cassava
  C) make cassava a staple food in the country
  D) provide raw materials for industries
  Show Answer
  The correct answer is A .