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 2801:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 2802: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 2803: If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X Options:
  A) X and Y are complementary commodities
  B) X and Y are substitute goods
  C) X and Y are independent goods
  D) X and Y are jointly supplied
  E) X and Y are inferior commodities
  Show Answer
  The correct answer is A .
• Question 2804: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 2805:

  

  In a price-taking firm, the portion UT above is the firm's

  Options:
  A) average revenue curve
  B) Long-run average cost curve
  C) demand curve
  D) supply curve
  Show Answer
  The correct answer is B .
• Question 2806:

  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 2807:

  Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`

  I Breaking the bulk

  Ii Packing the goods in smaller containers

  Iii Providing vital information

  Iv Grant credit facilities

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) i, ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 2808:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2809: A free trade area emerges when? Options:
  A) traders from one part of the country can move freely to other parts
  B) customs regulation are harmonized among countries
  C) a group of countries decide to remove restrictions on imports from one another
  D) the UNCTAD is in force
  Show Answer
  The correct answer is C .
• Question 2810: The most popularly adopted industrialization strategy in West Africa is? Options:
  A) import substitution
  B) export promotion
  C) ports development
  D) infant industries protection
  Show Answer
  The correct answer is A .