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 2411:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 2412: The Lagos clearing house is Options:
  A) a commodity market
  B) an import licensing centre
  C) another name for the Lagos stock exchange
  D) an insurance and underwriting centre
  E) a cheque sorting centre
  Show Answer
  The correct answer is E .
• Question 2413: When a nation is experiencing balance of payment surplus, it is in a better position to? Options:
  A) increase its foreign exchange reserves
  B) increase its liabilities to foreigners
  C) reduce its foreign exchange reserves
  D) devalue its national currency
  Show Answer
  The correct answer is A .
• Question 2414:

  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 2415: The unit for measuring changes in prices and output is called ………………. index Options:
  A) capital
  B) expenditure
  C) income
  D) money
  E) price
  Show Answer
  The correct answer is E .
• Question 2416: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 2417: country is said to be overpopulated when Options:
  A) the resocurce are more than enough to cater for the population
  B) the size of the population is greater than the annual budget
  C) the resources are inadequate to cater for the population
  D) there are too many able-bodied men and women in the country
  Show Answer
  The correct answer is C .
• Question 2418: Full employment is a situation in which? Options:
  A) every adult is employed
  B) all adults who can work are employed
  C) all person who attained the age of 15 and above are employed
  D) only the disabled are not employed
  E) all those who are able and eligible can find employment
  Show Answer
  The correct answer is E .
• Question 2419: When Elasticity of Demand is greater than one, the demand is Options:
  A) perfectly elastic
  B) unitary elastic
  C) zero elastic
  D) inelastic
  E) elastic
  Show Answer
  The correct answer is E .
• Question 2420: Tc/Q = Options:
  A) marginal cost
  B) Average coat
  C) total cost
  D) equilibrium level
  Show Answer
  The correct answer is B .