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 2461: Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is? Options:
  A) N 1.5 m
  B) N 2.0m
  C) the house
  D) the car
  Show Answer
  The correct answer is C .
• Question 2462:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 2463: Through membership of the Economic Community of West African States (ECOWAS) countries have achieved Options:
  A) a large market for their products
  B) emancipation of Africa
  C) full employment of resources
  D) higher transportation cost of goods within the region
  E) military superiority over other African countries
  Show Answer
  The correct answer is A .
• Question 2464: The most important characteristic of money is? Options:
  A) portability
  B) intrisic value
  C) acceptability
  D) usefulness
  E) beauty
  Show Answer
  The correct answer is C .
• Question 2465: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 2466: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .
• Question 2467: 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 2468:

  

  Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

  Options:
  A) managerial economies
  B) indivisibilities
  C) the extent of the market
  D) the pooling of dissimilar risks
  Show Answer
  The correct answer is B .
• Question 2469:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .
• Question 2470:

  The type of business finance that entitles the holder to a fixed rate of dividend is______________--

  Options:
  A) bank load
  B) debenture
  C) preferred stock
  D) semi-fixed
  Show Answer
  The correct answer is C .