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 2771:

  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 2772: Which of the following advantages of localization of industries may also be a disadvantage? Options:
  A) External economies
  B) Concentration of industries and of people
  C) Development of organized markets
  D) Reduced costs of research
  Show Answer
  The correct answer is B .
• Question 2773: Abdul is faced with a choice between buying a new notebook and a pen with ₦10. Since the ₦10 cannot give him both items he decide to buy the notebook. The money cost to him is Options:
  A) ₦10
  B) ₦20
  C) ₦30
  D) ₦40
  E) ₦50
  Show Answer
  The correct answer is A .
• Question 2774:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 2775: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 2776: The non-bank financial institutions that are entrusted with workers contributions towards retirements are Options:
  A) Mortgage institutions
  B) Investment companies
  C) Pension funds custodians
  D) Pension funds administrators
  Show Answer
  The correct answer is C .
• Question 2777:

  

  In the diagram, (III) refers to the calculation of national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 2778: The difference between birth and death rates of a given population is referred to as the Options:
  A) mortality rate
  B) fertility rate
  C) natural growth rate
  D) linear growth rate
  Show Answer
  The correct answer is C .
• Question 2779: An equilibrium price? Options:
  A) keeps excess demand within limits
  B) keeps excess supply within limits
  C) generates the greatest possible demand and supply
  D) generates the greatest possible profits
  E) equates the quantity supplied to be equal to the quantity demanded.
  Show Answer
  The correct answer is E .
• Question 2780:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .