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 2721:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 2722:

  

  In the diagram above, there is an excess

  Options:
  A) demand for 30 units
  B) supply of 40 units
  C) demand for 20 units
  D) supply of 20 units
  Show Answer
  The correct answer is C .
• Question 2723: Production takes place when Options:
  A) output is transformed into input
  B) machines replace human effort
  C) input is transformed into output
  D) there is specialization and division of labour
  Show Answer
  The correct answer is C .
• Question 2724: In a socialist economic system, decisions relating to the fundamental economic problems are taken by Options:
  A) academicians
  B) government
  C) individuals
  D) judiciary
  E) manufacturers
  Show Answer
  The correct answer is B .
• Question 2725:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2726: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 2727:

  

  What is the median quantity?

  Options:
  A) 5kg
  B) 6kg
  C) 3kg
  D) 4kg
  Show Answer
  The correct answer is D .
• Question 2728:

  The shape of the production possibility frontier is determined by the_________

  Options:
  A) law of returns to scale
  B) law of diminishing returns
  C) factors of productions
  D) technology
  Show Answer
  The correct answer is B .
• Question 2729:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2730: One of the reason for an exceptional demand curve is the? Options:
  A) expectation of a future change in price
  B) availability of credit facilities
  C) change in the price of the commodity
  D) availability of substitutes
  Show Answer
  The correct answer is A .