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 2401: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 2402: A black market can occur when Options:
  A) supply is in excess of demand
  B) consumption of the commodity is restricted
  C) prices are set by government above the equilibrum
  D) prices are set by government below the equilibrium
  Show Answer
  The correct answer is B .
• Question 2403: The demand for labour is an example of Options:
  A) composite demand
  B) joint demand
  C) derived demand
  D) competitive demand
  Show Answer
  The correct answer is C .
• Question 2404:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2405: Which of the following is NOT a reason for the absence of an industry in the rural areas? Options:
  A) Absence of financial institution
  B) restricted market
  C) inadequate power and water supply
  D) inadequate transportation
  E) presence of external economies
  Show Answer
  The correct answer is A .
• Question 2406: The study of broad economic aggregates is Options:
  A) Macro economics
  B) deductive method of economic analysis
  C) micro economics
  D) Inductive method of economics analysis
  Show Answer
  The correct answer is A .
• Question 2407: The most important attribute of money is? Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptability
  Show Answer
  The correct answer is D .
• Question 2408:

  Efficiency of labour in a country is determined by the following except the____________

  Options:
  A) Social attitude to work
  B) Education and training
  C) Total population
  D) Working conditions of workers
  Show Answer
  The correct answer is C .
• Question 2409:

  The short run can be defined as the period of time during which

  Options:
  A) All inputs are fixed
  B) At least one of the firm's input is fixed
  C) At least two inputs are fixed
  D) All inputs are variable
  Show Answer
  The correct answer is B .
• Question 2410: Average cost is Options:
  A) the total cost of production
  B) the extra cost of producing one additional unit of output
  C) cost of producing a unit of output
  D) variable cost
  E) overhead cost
  Show Answer
  The correct answer is C .