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 2941: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
  Show Answer
  The correct answer is E .
• Question 2942: The recent revolution of Cassava from ordinary food crop to export crop will lead to Options:
  A) decrease in price of cassava flour
  B) decrease In production of cassava
  C) decrease In production of local starch
  D) increase In production of other crops
  E) increase in the prices of cassava products
  Show Answer
  The correct answer is E .
• Question 2943:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2944: Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the? Options:
  A) cost of the bok
  B) cost of the hat
  C) book
  D) hat
  E) N10.00
  Show Answer
  The correct answer is B .
• Question 2945: A major limiting factor of mass production is Options:
  A) efficient management
  B) adequate labour supply
  C) small size of the market
  D) adequate supply of raw materials
  Show Answer
  The correct answer is C .
• Question 2946:

  Which of the following factors may not affect the efficiency of labour?

  Options:
  A) Education and training
  B) Provision of welfare service
  C) Race and colour of workforce
  D) Quality of other factor inputs
  Show Answer
  The correct answer is C .
• Question 2947: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 2948:

  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 2949: Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is? Options:
  A) labour intensity
  B) capital intensity
  C) poor technology
  D) capacity under-utilization
  Show Answer
  The correct answer is D .
• Question 2950:

  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 .