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 2481:

  By utility we mean____________

  Options:
  A) beneficial
  B) power of satisfying a want
  C) advantageous
  D) consumable
  Show Answer
  The correct answer is B .
• Question 2482: 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 2483:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 2484: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 2485: Which of the following is a characteristic of private limited liability company? Options:
  A) its shares can be sold to the public
  B) the number of shareholders ranges from fifty to one hundred
  C) all shareholders have equal powers and responsibilities
  D) the number of shareholders ranges from two to fifty
  Show Answer
  The correct answer is D .
• Question 2486: Which is NOT a function of Central Bank in West Africa Options:
  A) Dealing in foreign exchange
  B) Issuing of currency
  C) Accepting deposit from private customers
  D) Acting as government bank
  E) Acting as bankers bank
  Show Answer
  The correct answer is C .
• Question 2487: The economic policy of deregulation is aimed at encouraging? Options:
  A) a monopolistic market structure
  B) a duopolistic market structure
  C) a competitive market structure
  D) an oligopolistic market structure
  Show Answer
  The correct answer is C .
• Question 2488:

  

  From the graph above, point M shows that MC

  Options:
  A) cuts AC at its minimum point
  B) and AC rises simultaneously
  C) cuts AC at its maximum point
  D) is falling
  Show Answer
  The correct answer is C .
• Question 2489: The most important goal of OPEC is to? Options:
  A) present a united front for the purpose of raising the price of crude oil
  B) bring unity among the petroleum exporting states
  C) ensuring political stability among member states
  D) ensure that rules on quota producion are strictly followed
  Show Answer
  The correct answer is D .
• Question 2490: A primary industry is concerned with? Options:
  A) extraction of resources in their raw states
  B) the operation of small scale enterprises
  C) the economic activities of primary producers
  D) clearing and cultivation of land only
  Show Answer
  The correct answer is A .