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 2351: A shift in the production possibility frontier could result from? Options:
  A) unemployment
  B) changes in the combination of goods produced
  C) inflation
  D) changes in production techniques
  Show Answer
  The correct answer is D .
• Question 2352:

  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 2353:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .
• Question 2354: An effect of inflation is that it? Options:
  A) discourages trade by barter
  B) favours debtors at the expense of creditors
  C) increases the real income of salary earners
  D) increases the value of a country's exports
  Show Answer
  The correct answer is B .
• Question 2355: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 2356:

  The value of money depends primarily on _________

  Options:
  A) The gold backing of the currency
  B) The general price level
  C) Government decree that it is legal tender
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 2357: 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 .
• Question 2358: Which of the following classes of goods accounts for largest proportion of Nigeria's imports? Options:
  A) Food and animal products
  B) Consumers goods
  C) Chemicals
  D) Machinery and transport equipment
  Show Answer
  The correct answer is D .
• Question 2359: The most generally accepted definition of economics is Options:
  A) an inquiry into the nature and causes of the wealth of nations
  B) the science of material welfare
  C) the science which studies human behavior as a relationship between ends and scarce means which have alternative use
  D) the science that treats phenomena from the stand point of price
  E) the practical science of production and distribution of wealth
  Show Answer
  The correct answer is C .
• Question 2360: The raising of funds by selling stocks to the public is called Options:
  A) equity financing
  B) deficit financing
  C) loan financing
  D) debt financing
  Show Answer
  The correct answer is A .